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COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE

PEORIA UNIFIED SCHOOL DISTRICT NO. 11 PEORIA, ARIZONA

FOR THE

FISCAL YEAR ENDED JUNE 30, 2020

Prepared by:

Business and Finance Department

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PEORIA UNIFIED SCHOOL DISTRICT NO. 11 TABLE OF CONTENTS

YEAR ENDED JUNE 30, 2020

INTRODUCTORY SECTION

LETTER OF TRANSMITTAL 1

LIST OF PRINCIPAL OFFICIALS 9

ORGANIZATIONAL CHART 10

ASBO INTERNATIONAL CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE

IN FINANCIAL REPORTING 12

GFOA CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL

REPORTING 12

FINANCIAL SECTION

INDEPENDENT AUDITORS’ REPORT 13

MANAGEMENT’S DISCUSSION AND ANALYSIS 16

BASIC FINANCIAL STATEMENTS

STATEMENT OF NET POSITION 25

STATEMENT OF ACTIVITIES 26

BALANCE SHEET – GOVERNMENTAL FUNDS 27

RECONCILIATION OF THE BALANCE SHEET OF THE GOVERNMENTAL

FUNDS TO THE STATEMENT OF NET POSITION 28

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND

BALANCES – GOVERNMENTAL FUNDS 29

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS TO THE

STATEMENT OF ACTIVITIES 30

STATEMENT OF FIDUCIARY NET POSITION – FIDUCIARY FUNDS 31

NOTES TO THE BASIC FINANCIAL STATEMENTS 32

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PEORIA UNIFIED SCHOOL DISTRICT NO. 11 TABLE OF CONTENTS (CONTINUED)

FINANCIAL SECTION (CONTINUED) REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A

SCHEDULE OF THE DISTRICT’S PROPORTIONATE SHARE OF NET PENSION

LIABILITY AND CONTRIBUTIONS COST SHARING PENSION PLANS 59 SCHEDULE OF THE DISTRICT’S PROPORTIONATE SHARE OF NET OPEB

LIABILITY AND CONTRIBUTIONS COST SHARING PENSION PLANS 61 SCHEDULE OF CHANGES IN THE DISTRICT’S TOTAL OPEB LIABILITY AND

RELATED RATIOS – SINGLE EMPLOYER OPEB PLAN 62

GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES

IN FUND BALANCE – BUDGET AND ACTUAL 63

SPECIAL PROJECTS FUND SCHEDULE OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE – BUDGET AND ACTUAL 64

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN THE

MD&A 65

COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES

COMBINING BALANCE SHEET – NONMAJOR GOVERNMENTAL FUNDS 67 COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN

FUND BALANCES – NONMAJOR GOVERNMENTAL FUNDS 69

BOND BUILDING FUND – SCHEDULE OF REVENUES, EXPENDITURES, AND

DEBT SERVICE FUND – SCHEDULE OF REVENUES, EXPENDITURES, AND

CLASSROOM SITE FUND – SCHEDULE OF REVENUES, EXPENDITURES, AND

INSTRUCTIONAL IMPROVEMENT FUND – SCHEDULE OF REVENUES,

EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL 74 FOOD SERVICE FUND – SCHEDULE OF REVENUES, EXPENDITURES, AND

OTHER SPECIAL REVENUE FUND – SCHEDULE OF REVENUES,

EXPENDITURES, AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL 76 ADJACENT WAYS FUND – SCHEDULE OF REVENUES, EXPENDITURES, AND

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FINANCIAL SECTION (CONTINUED)

COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES (CONTINUED) GIFTS AND DONATIONS FUND – SCHEDULE OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCE – BUDGET AND ACTUAL 78 STATEMENT OF FIDUCIARY NET POSITION – AGENCY FUNDS 79 STATEMENT OF CHANGES IN ASSETS AND LIABILITIES – AGENCY FUNDS 80

STATISTICAL SECTION FINANCIAL TRENDS

NET POSITION BY COMPONENT 81

CHANGES IN NET POSITION 83

FUND BALANCES OF GOVERNMENTAL FUNDS 85

CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS 87 REVENUE CAPACITY

ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE

PROPERTY 89

NET SECONDARY ASSESSED VALUATION BY PROPERTY CLASSIFICATION 90 PROPERTY TAX RATES – DIRECT AND OVERLAPPING GOVERNMENTS 91

PRINCIPAL PROPERTY TAXPAYERS 92

PROPERTY TAX LEVIES AND COLLECTIONS 93

DEBT CAPACITY

RATIO OF OUTSTANDING DEBT BY TYPE 94

RATIO OF GENERAL BONDED DEBT OUTSTANDING 95

DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT 96

LEGAL DEBT MARGIN INFORMATION 97

CALCULATION OF LEGAL DEBT MARGIN 99

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STATISTICAL SECTION (CONTINUED) DEMOGRAPHIC AND ECONOMIC INFORMATION

DEMOGRAPHIC AND ECONOMIC STATISTICS 100

PRINCIPAL EMPLOYERS 101

FULL-TIME EQUIVALENT EMPLOYEES BY FUNCTION 102

OPERATING STATISTICS 104

CAPITAL ASSETS INFORMATION 105

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INTRODUCTORY SECTION

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6330 W. Thunderbird Road • Glendale, AZ 85306 Mailing: P.O. Box 39 • Peoria, AZ 85380-0039

623 486-6000 • www.peoriaud.k12.az.us (1)

December 15, 2020

Citizens and Governing Board Peoria Unified School District No. 11 P.O. Box 39

Peoria, Arizona 85380-0039

State law mandates that school districts required to undergo an annual Single Audit publish a complete set of financial statements presented in conformity with accounting principles generally accepted in the United States of America and audited in accordance with auditing standards generally accepted in the United States by a certified public accounting firm licensed in the State of Arizona. Pursuant to that requirement, we hereby issue the comprehensive annual financial report of the Peoria Unified School District No. 11 (District) for the fiscal year ended June 30, 2020.

This report consists of management’s representations concerning the finances of the District.

Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these representations, management of the District has established a comprehensive internal control framework that is designed both to protect the District’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the District’s financial statements in conformity with accounting principles generally accepted in the United States of America.

Because the cost of internal controls should not outweigh their benefits, the District’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.

The District’s financial statements have been audited by CliftonLarsonAllen, LLP, a certified public accounting firm. The goal of the independent audit was to provide reasonable assurance that the financial statements of the District for the fiscal year ended June 30, 2020, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the District’s financial statements for the fiscal year ended June 30, 2020, are fairly presented in conformity with accounting principles generally accepted in the United States of America. The independent auditors’ report is presented as the first component of the financial section of this report.

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Citizens and Governing Board Peoria Unified School District No. 11

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The independent audit of the financial statements of the District was part of a broader, federally mandated Single Audit as required by the provisions of the Single Audit Act Amendments of 1996 and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The standards governing Single Audit engagements require the independent auditor to not only report on the fair presentation of the financial statements, but also on the District’s internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in a separately issued Single Audit Reporting Package, which will be issued at a later date.

Accounting principles generally accepted in the United States of America require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The District’s MD&A can be found immediately following the report of the independent auditors.

PROFILE OF THE DISTRICT

The District is one of 58 public school districts located in Maricopa County, Arizona with an enrollment of more than 36,000 students from preschool to 12^thgrade and the employment of over 3,900 teachers and staff. Peoria Unified School District is one of the largest districts in the State of Arizona with 33 elementary schools and eight high schools.

Vision

Every student, every day, prepared to shape tomorrow.

Mission

 The Peoria Unified School District prepares every student for a successful future as a responsible citizen who actively contributes to society, the community and the workforce. This Mission is achieved by:

 Creating, maintaining and delivering quality curriculum and instruction that meets the needs of all students for the 21st Century and beyond.

 Providing experience-based, innovative, individualized learning that meets the needs of every student.

 Facilitating access to quality staff, technology, resources and instruction.

 Prioritizing relationships and focusing on the safety and social and emotional well-being of students and staff.

 Implementing and sustaining effective stewardship of community resources.

o Fostering a culture of active community engagement and inclusiveness.

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Values

The Values of the Peoria Unified School District are grounded in our focus on people; students, staff, parents, and community members. These Values shape behavior and drive us to achieve our shared Vision and Mission.

 Integrity: Our consistent and uncompromising adherence to strong moral and ethical principles is illustrated through our words and behavior.

 Collaboration: Our collective capacity requires active engagement, meaningful inclusiveness, and trust among stakeholders.

 Excellence: Our actions are driven by clarity of purpose, a focus on results, and an unwavering commitment to continuous improvement.

 Equity: Our behaviors are informed through opportunities that ensure equitable access for all staff and students to be successful.

The District empowers every student to fulfill their potential while adhering to effective policies, practices and accountability for District resources, maintaining safe, inviting, nurturing and respectful environments for students, staff and community and creating a culture of active engagement that encourages and strengthens parent and community partnerships.

The District’s Governing Board is organized under Section 15-321 of the Arizona Revised Statutes (A.R.S.). Management of the District is independent of other state and local governments. The County Treasurer collects taxes for the District but exercises no control over its expenditures/expenses. The membership of the Governing Board consists of five members elected by the public. Under existing statutes, the Governing Board’s duties and powers include, but are not limited to, the acquisition, maintenance and disposition of school property; the development and adoption of a school program;

and the establishment, organization and operation of schools. The Board also has broad financial responsibilities, including the approval of the annual budget, and the establishment of a system of accounting and budgetary controls.

The financial reporting entity consists of a primary government and its component units. A component unit is a legally separate entity that must be included in the reporting entity in conformity with generally accepted accounting principles. The District is a primary government because it is a special-purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments. Furthermore, there are no component units combined with the District for financial statement purposes and the District is not included in any other governmental entity. Consequently, the District’s financial statements include only the funds of those organizational entities for which its elected Governing Board is financially accountable. The District’s major operations include education, student transportation, construction and maintenance of District facilities, food services, bookstore, athletic functions and community education.

Spanning much of the Northwest Valley, the Peoria Unified School District has a rich tradition of excellence, serving the community since 1889. With ongoing open enrollment and exceptional educational opportunities, the Peoria Unified School District boasts a 96 percent high school graduation rate. Peoria Unified School District prides itself with excelling schools, award-winning teachers, high test scores, specialized Signature Programs and championship athletic programs. The District has one of the lowest dropout rates in the state at 0.36 for 2020 compared to a state average of 3.3 percent that was last reported by the Arizona Department of Education in 2020.

https://www.azed.gov/accountability-research/data/.

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FACTORS AFFECTING FINANCIAL CONDITION

The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the District operates.

The Peoria Unified School District represents a geographic area of approximately 138 square miles.

The District has historically experienced population growth and has been challenged with managing this growth in an efficient and prudent manner within the funding constraints found in public education.

Prior to FY 2020, the State’s previous economic downturn had fully recovered and it was anticipated that the District’s student enrollment would continue to grow in the long term as jobs continue to be added to the local economy and the housing market continues to accelerate due to current and future increases in the District’s population.

Previously published FY 2019 growth projections have been re-evaluated based on the COVID-19 pandemic. The Economic and Business Research Center at the University of Arizona reported that before the COVID-19 pandemic began, Arizona’s economy had sustained forward motion with some of the strongest economic growth in the country. The ultimate long-term economic impact will depend on the length of the pandemic tempered by state of Arizona improved revenue projections for FY 2021 and federal coronavirus relief aid that has benefited the state’s economy.

In addition, future enrollment and District ongoing growth may continue to be affected by the “aging-out”

of school aged children in older areas of the District and competition from charter schools and other alternative educational institutions. Student enrollment declined approximately 4.5% during the first two quarters of FY 2021 related to the COVID-19 pandemic, which has caused District administration to re- evaluate the previously projected 1,200 student growth over the next ten years. Administration expects that the pandemic related decline in enrollment will be eliminated over the next several years to return to pre – COVID-19 enrollment levels in the future. However, the previously projected new student enrollment growth of 1,200 students over the next ten years may now be lower than originally forecasted. (Applied Economics, 2020).

State of Arizona, Maricopa County, Cities of Peoria, Glendale, Surprise and the Town of Youngtown. The District is in Maricopa County, Arizona in the northwestern portion of the Phoenix- Mesa-Glendale metropolitan area. The District serves portions of three cities and one town in the northwestern portion of the Phoenix-Mesa-Glendale Metro area: the cities of Peoria, Glendale, Surprise and the Town of Youngtown, with Peoria comprising the largest geographic area within the Peoria Unified School District’s boundary.

The Peoria Unified School District is located within Maricopa County, which continues to experience strong population growth. Maricopa County's population continues to increase each year with a nearly 83,011 people increase between the months of July 2018 and July 2019. This continued growth helps Maricopa County maintain its rank as the fourth most populous county in the country.

https://www.bizjournals.com/phoenix/news/2020/03/26/phoenix-metros-population-growth-edges-out- boston.html In addition to the growth in Maricopa County, Arizona’s overall population at July 1, 2019 is now estimated to be 7,278,717 per the U.S. Census Bureau. https://www.census.gov/quickfacts/AZ.

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The economic impacts of the pandemic include the loss of 294,600 jobs. Overall, the state has now replaced 193,900 of the 294,600 jobs lost from February to April 2020, for a 65.8% replacement rate. In addition, the nation has replaced 54.5% of the jobs lost from February to April.

https://www.azeconomy.org/2020/12/outlook/long-strange-trip-arizonas-recovery-continues-at-a-slower- pace/.

The unemployment rate in Arizona (not seasonally adjusted) was 10 percent at June 30, 2020 and 6.5 percent in September 2020 https://www.bls.gov/eag/eag.az.htm. At a county level, the unemployment rate (not seasonally adjusted) was 6.3 percent for Maricopa County in September 2020 https://www.bls.gov/regions/west/summary/blssummary_phoenix.pdf, which was lower than the national unemployment rate of 6.9 percent in September 2020.https://www.bls.gov/eag/eag.us.htm.

City of Peoria, Arizona. The City of Peoria encompasses approximately 179 square miles and provides a wide variety of recreational opportunities including fishing, golfing, water skiing, biking and sailing. Peoria proudly boasts 570 acres of parks, 52 miles of hiking, biking and horseback riding trails and over 100,000 surface acres of water at Lake Pleasant, as well as access to over 200 golf courses.

The Peoria Sports Complex, which is operated by the City, was the nation’s first two-team baseball spring training facility and the spring training home of the Seattle Mariners and San Diego Padres.

Between the 2000 census and the 2010 census, the City’s population increased by more than 42 percent from 108,300 in 2000 to 154,065 in 2010. The U.S. Census Bureau estimated on July 1, 2019 that the city’s population was 175,961 citizens. https://www.census.gov/quickfacts/peoriacityarizona.

The City of Peoria’s economy has continued to see healthy home construction activity while commercial development has begun to show expansion and stability. Home sales in the West Valley continue to surpass other metro Phoenix regions.

The City issued 1,230 new residential building permits in fiscal year 2019. The City’s total property full cash value, which lags the market, increased by 9.1% from $18.4 billion in 2018-19 to $20.1 billion in 2019-20. The unemployment rate in Peoria was 4.3% as of June 2019.

https://www.peoriaaz.gov/home/showpublisheddocument?id=22242

The economic growth in the City of Peoria has been impacted by the COVID-19 pandemic. City revenue is projected to decrease 2.28 percent in overall general fund revenues for FY 2020 compared to the previous year. For FY 2021, the decrease is estimated to be 4.86 percent in overall general fund revenues. https://www.peoriaaz.gov/home/showdocument?id=24090.

City of Glendale, Arizona. The City of Glendale, Arizona is the fifth largest city in the state of Arizona.

Located in the northwestern part of the metropolitan Phoenix area, and occupying approximately 62 square miles of land, the City is home to the Arizona Cardinals and the Arizona Coyotes. The City is also the owner of Camelback Ranch, the spring training facility for the Los Angeles Dodgers and the Chicago White Sox.

The City of Glendale has had solid economic growth in recent years. The City relies on local and state shared sales tax as well as state shared income tax as primary revenue sources for the City’s operating budget. Local sales tax revenues increased 5.9% in FY 2019 compared to the prior fiscal year. The growth was attributed to the improving economy and economic development activities which generated additional construction sales tax revenue. The city’s state shared sales tax revenues also increased 5.2% in FY 2019 compared to last fiscal year.

The City of Glendale continues to attract new residents with the population growing from 148,134 persons in 1990 to an estimated 252,381 persons in 2019. (www.census.gov)

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The overall goals underlying the city’s financial policies include fiscal conservatism, flexibility, and adherence to the highest management practices. Due to the economic impact of the COVID-19 pandemic, the city has adjusted revenue growth projections in FY 2020 and FY 2021 accordingly.

https://www.glendaleaz.com/common/pages/DisplayFile.aspx?itemId=17109974 FINANCIAL CONTROLS

Budgetary Controls. The annual expenditure budget serves as the foundation for the District’s financial planning and control. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual expenditure budget approved by the District’s Governing Board.

The expenditure budget is prepared by fund for all Governmental Funds and includes function and object code detail for the General Fund and some Special Revenue and Capital Projects Funds. The legal level of budgetary control (that is, the level at which expenditures cannot exceed the appropriated amount) is established at the individual fund level for all funds. Funds that are not required to legally adopt a budget may have over-expenditures of budgeted funds. The budget for these funds is simply an estimate and does not prevent the District from exceeding the budget if the necessary revenue is earned.

Long-term Financial Planning. The District continues to focus on changing demographics and utilizes data driven decision making to support the annual budget allocation process to ensure that its mission and core values are in congruence with the allocation of all available funds.

Stewardship of Community resources is one of the four perspectives of the District’s Strategic Plan.

The District continues to focus on the development of contingency funding and increased fund balances to address unanticipated changes in funding that will allow the District to leverage available resources and capture potential efficiencies.

The District is also continuing to conduct an extensive demographic study and facility utilization analysis to ensure that it continues to offer exceptional facilities that are essential to the delivery of an outstanding educational program to the students and the community of our District.

In addition to state funding, planning is heavily impacted by voter-approved portions of the budget, which includes a Maintenance and Operations budget override and bond authorization for construction and renovation projects.

Maintenance and Operations (M&O) expenditures are where most of the day-to-day expenditures take place for the District. This includes salaries, employee benefits, supplies, utilities, transportation and other operational expenditures not of a capital nature. Maintenance and Operations funds cannot be used to build a new school or to renovate and repair buildings and campus infrastructure.

Arizona Revised Statutes and the legislature allow a public school district to ask its community to approve an annual M&O budget increase through an override election to support positions and programs that may not be possible utilizing the funding that is received each year from the state of Arizona.

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Arizona Revised Statutes allow an M&O override to exceed the Maintenance and Operation budget up to 15 percent of the revenue control limit (RCL). The Peoria Unified School District currently has a 13%

M&O override which is supported through secondary property taxes within the District.

Once approved by the voters, an M&O override is authorized for up to seven years. If the school district wants to extend the override beyond the original term, the override must be reapproved by the voters.

If not re-approved the override phases out in years six and seven. The District had a ballot initiative in November of 2020 to continue the current 13% M&O override. The initiative was passed by the voters.

A Maintenance and Operations override is for positions and program, while a bond authorization is strictly for capital items. Bond funds can provide the ability for the District to plan for the renovation of existing facilities and the construction of new schools in the growth areas of the District.

In November of 2012, the District passed an $180,000,000 Class B Bond authorization to update and maintain existing facilities, technology and purchase student transportation vehicles. The average age of the District’s buildings being maintained by the Bond program is 27 years.

Since the state of Arizona has limited dedicated funding for facility maintenance and is in the process of restoring significant past capital funding reductions to public school districts, Peoria Unified has been continuously seeking capital funding sources. The District did bring a ballot initiative to the voters in November of 2020 asking for the passage of the $125,255,000 bond authorization to continue funding critical District facility repairs, renovations, technology, student transportation vehicle purchases and to purchase land for the District’s next high school. The November 2020 bond ballot initiative was not passed by the voters.

The District continues to evaluate options to address capital renovations, maintenance needs and new facilities requirements that are related to growth within the District, without a new bond funding source to construct new elementary or high school campuses.

In addition to Peoria Unified School District ballot initiatives, in November 2020 Arizona voters considered and approved Proposition 208. The measure, also known as the Invest in Education Act, will raise education revenue by adding a 3.5% tax surcharge on the taxable income of certain taxpayers.

Education funding from the initiative will support raising the salaries of teachers and other certified employees, increasing the salaries of student support staff, career and technical education programs, teacher mentoring programs and teacher scholarships.https://www.azcentral.com/story/news/politics /arizona-education/2020/11/03/proposition-208-invest-education-act-election-results-raise-taxes-high- earners/6041668002/ Two lawsuits have been filed in Arizona regarding the proposition. The Arizona Joint Legislative Budget Committee projects that the proposition will generate $827 million dollars of revenue each year for education. However associated funding is not estimated to be available before 2023.

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AWARDS AND ACKNOWLEDGMENTS

Awards. The Association of School Business Officials International (ASBOI) awarded a Certificate of Excellence in Financial Reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2019. This was the 30^thconsecutive year that the District has received this prestigious award. In addition, the Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the District for its comprehensive annual financial report for the fiscal year ended June 30, 2019. In order to be awarded these certificates, the District published an efficiently organized and easy to read comprehensive annual financial report. This report satisfied both accounting principles generally accepted in the United States of America and applicable legal requirements.

These certificates are valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the programs' requirements and we are submitting it to ASBOI and GFOA to determine its eligibility for the fiscal year 2019-20 certificates.

Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of the Business and Finance department.

Each member of the department has our sincere appreciation for the contributions made in the preparation of this report.

In closing, without the leadership and support of the Governing Board of the District, preparation of this report would not have been possible.

Sincerely,

Jason Reynolds, EdD Michelle R. Myers, CPA, CGMA

Superintendent Chief Financial Officer

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PEORIA UNIFIED SCHOOL DISTRICT NO. 11 LIST OF PRINCIPAL OFFICIALS

JUNE 30, 2020

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GOVERNING BOARD

David Sandoval President

Cory Underhill Clerk

Monica Ceja Martinez Judy Doane

Member Member

Beverly Pingerelli Member

ADMINISTRATIVE STAFF

Jason Reynolds, EdD, Superintendent

Michelle R. Myers, CPA, CGMA, Chief Financial Officer Kendra J. Bell, PhD, Chief Academic Support Officer

Danielle Airey, Chief Communications Officer

Shawn Duguid, Chief Operations, Safety and Risk Management Officer Carter Davidson, EdD, Chief Personnel Officer

John C. Gay, Chief Strategic Planning and Technology Officer

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PEORIA UNIFIED SCHOOL DISTRICT NO. 11 ORGANIZATIONAL CHART

JUNE 30, 2020

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The Certificate of Excellence in Financial Reporting is presented to

Peoria Unified School District No. 11

for its Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2019.

The CAFR meets the criteria established for ASBO International’s Certificate of Excellence.

Claire Hertz, SFO David J. Lewis

President Executive Director

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FINANCIAL SECTION

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INDEPENDENT AUDITORS’ REPORT

Governing Board

Peoria Unified School District No. 11 Glendale, Arizona

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Peoria Unified School District No. 11 (District), as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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.

Auditors’ Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District’s preparation and fair presentation of the financial statements 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 the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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Governing Board

Peoria Unified School District No. 11

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Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Peoria Unified School District No. 11 as of June 30, 2020, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, other postemployment benefit information, pension schedules and budgetary comparison information, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, 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 reporting 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 obtained 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 and Other 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 nonmajor fund financial statements and schedules and the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining and individual nonmajor fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such 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 combining and individual nonmajor fund financial statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on them.

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Governing Board

Peoria Unified School District No. 11

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Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 15, 2020, 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 the District’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 District’s internal control over financial reporting and compliance.

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CliftonLarsonAllen LLP Phoenix, Arizona

December 15, 2020

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PEORIA UNIFIED SCHOOL DISTRICT NO. 11 MANAGEMENT’S DISCUSSION AND ANALYSIS

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As management of the Peoria Unified School District No. 11 (District), we offer the readers of the District’s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended June 30, 2020. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the introductory section of this report.

Financial Highlights

 The assets and deferred outflows of resources of the District were in excess of liabilities and deferred inflows of resources at the close of the fiscal year by $16.5 million.

 The District’s total net position increased by $20.5 million. This was largely due to an increase in state equalization and additional state aid funding offset with increases in operating expenses.

 As of the close of the current fiscal year, the District’s governmental funds reported combined ending fund balances of $95.4 million, an increase of $31.6 million in comparison with the prior year.

 At the end of the fiscal year, unassigned fund balance for the General Fund was $55.4 million, or 23.2 percent of current General Fund expenditures.

 The District’s bonded debt decreased by a net $4.6 million (2.1 percent) during the current fiscal year. The decrease was due to regularly scheduled principal payments. Additionally, the District sold $16.1 million in school improvements bonds at a premium of $1.5 million during the current year.

Overview of the Financial Statements

This discussion and analysis is intended to serve as an introduction to the District’s basic financial statements. The District’s basic financial statements are comprised of three components:

1) government-wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all of the District’s assets, deferred outflows of resources, liabilities, and deferred inflow of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as useful indicators of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in the future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).

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The government-wide financial statements present functions of the District that are principally supported by taxes and intergovernmental revenues (governmental activities). The governmental activities of the District include instruction, support services, operation and maintenance of plant services, student transportation services, operation of non-instructional services, and interest on long- term debt.

The government-wide financial statements can be found immediately following this MD&A.

Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into two categories:

governmental funds and fiduciary funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains eleven individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, Special Projects Fund, Bond Building Fund and Debt Service Fund, all of which are considered to be major funds. Data from the other seven governmental funds are combined into a single, aggregated presentation.

An operating budget for expenditures is prepared and adopted by the District each fiscal year for the General, Special Revenue, Debt Service, and Capital Projects Funds. Budgetary control is ultimately exercised at the fund level. Budgetary control is maintained through the use of periodic reports that compare actual expenditures against budgeted amounts. The expenditure budget can be revised annually, per Arizona Revised Statutes. The District does not adopt a revenue budget; therefore, a deficit budgeted fund balance exists in all budgeted funds. The District also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year-end.

As demonstrated by the statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management.

The basic governmental fund financial statements can be found on pages 27 - 30 of this report.

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Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the District. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District’s own programs. The fiduciary funds are custodial in nature and do not present results of operations or a measurement focus.

The basic fiduciary fund financial statement can be found on page 31 of this report.

Notes to the basic financial statements. The notes to the basic financial statements provide additional information that is essential to a full understanding of the data provided in the government- wide and fund financial statements. The notes to the basic financial statements can be found on pages 32 - 58 of this report.

Required Supplementary Information Other Than the MD&A. The required supplementary information other than the MD&A found immediately following the notes to the financial statements include the pension and OPEB schedules, schedule of changes in the District’s net OPEB liability and related ratios, and the schedule of revenues, expenditures and changes in fund balance – budget and actual for the General Fund and major special revenues funds. Notes to the required supplementary information follow the budgetary comparison schedules.

Other information. The combining statements referred to earlier in connection with nonmajor governmental funds are presented immediately following the required supplementary information other than the MD&A. Combining and individual fund statements and schedules can be found on pages 67 - 80 of this report.

The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The statistical section can be found on pages 81 - 106 of this report.

Government-Wide Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the District, assets and deferred outflows of resources were in excess of liabilities and deferred inflows by $16.5 million as of June 30, 2020.

By far the largest portion of the District’s net position ($183.0 million) reflects its net investment in capital assets (e.g., land, buildings, furniture, equipment and vehicles) less any related debt used to acquire those assets that is still outstanding. The District uses these capital assets to provide services to students; consequently, these assets are not available for future spending. Although the District’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the District’s net position ($28.7 million) represents resources that are subject to external restrictions on how they may be used. The District reported a negative unrestricted net position in the current year of $195.1 million.

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A summary of changes in the District’s Statement of Net Position for the fiscal years ended June 30, 2020 and 2019 is as follows:

Percent

2020 2019 Change

Current and Other Assets $ 164,550,740 $ 117,691,745 39.8 %

Capital Assets 392,185,869 404,383,595 (3.0)

Total Assets 556,736,609 522,075,340 6.6

Deferred Outflows of Resources 32,638,730 41,907,996 (22.1) Current Liabilities 60,014,910 44,115,270 36.0 Noncurrent Liabilities 493,490,529 490,760,716 0.6 Total Liabilities 553,505,439 534,875,986 3.5 Deferred Inflows of Resources 19,326,650 33,090,057 (41.6) Net Position (Deficit):

Net Investment in Capital Assets 182,984,308 182,473,896 0.3

Restricted 28,681,065 24,525,272 16.9

Unrestricted (195,122,123) (210,981,875) 7.5

Total Net Position (Deficit) $ 16,543,250 $ (3,982,707) (515.4) Governmental Activities

At the end of the current fiscal year, the District was able to report positive balances in the net investment in capital assets and restricted net position categories. Net investment in capital assets increased 0.3 percent. The increase was not significant in the current year. Capital asset additions are discussed later in this MD&A. Restricted net position increased 16.9 percent largely due to an increase in maintenance and operations, classroom site carryforward restricted for teacher compensation and performance pay, instructional improvement carryforward, offset by capital gifts and donations and other restricted funding sources. Each of these funding sources are expected to be required to meet planned expenses in the upcoming year and future years. Unrestricted net position increased 7.5 percent largely due to an increase in general revenues discussed on the following pages.

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Overall, net position of the District increased $20.5 million. Key elements of this increase are presented in the following Condensed Statement of Changes in Net Position for the fiscal years ended June 30, 2020 and 2019:

2020 2019

Percent Change REVENUES

Program Revenues:

Charges for Services $ 8,669,943 $ 10,746,781 (19.3)%

Operating Grants and Contributions 55,569,643 52,894,921 5.1 Capital Grants and Contributions 54,775 2,057,039 (97.3)

General Revenues:

Property Taxes 113,189,912 110,104,818 2.8

Grants and Contributions Not Restricted to Specific Programs:

State Equalization and Additional State Aid 171,469,783 156,372,465 9.7

Investment Earnings 1,648,465 1,377,464 19.7

Other 3,226,894 3,775,811 (14.5)

Total Revenues 353,829,415 337,329,299 4.9

EXPENSES

Instruction 193,278,844 174,863,165 10.5

Support Services:

Students and Instructional Staff 43,742,184 40,856,947 7.1

Administration 31,045,931 29,834,378 4.1

Operation and Maintenance of Plant 30,280,521 36,113,568 (16.2) Student Transportation 12,559,474 12,769,775 (1.6) Operation of Noninstructional Services 13,022,900 12,224,154 6.5 Interest on Long-Term Debt 9,373,604 9,089,106 3.1

Total Expenses 333,303,458 315,751,093 5.6

Change in Net Position 20,525,957 21,578,206 (4.9)

Net Position - Beginning of Year (3,982,707) (25,560,913) 84.4 Net Position - End of Year $ 16,543,250 $ (3,982,707) 515.4

Governmental Activities

Program revenues, which consist of charges for services, operating grants and capital grants and contributions decreased from the prior year by $1.4 million or 2.1 percent. Operating grants and contributions increased 5.1 percent due to an increase in Classroom Site Fund revenue and federal funding passed through the Arizona Department of Education. Charges for services decreased 19.3 percent primarily due to remote learning as a result of the COVID-19 pandemic and decreased services. Capital grants and contributions decreased $2.0 million due to minimal capital asset donations received by the District during the current fiscal year in comparison to the prior year.

General revenues increased $17.9 million from the prior year, mainly due to an increase in property taxes, state equalization, additional state aid and proposition 123 funding. State equalization is based on a state formula allocating budgeted state funds to Arizona school districts based on each district’s student average daily membership. The funding varies based on the funds appropriated at the state level. Property tax rates for the District remained consistent as there was no change to the maintenance and operations override percentage in the current year and no new bond programs.

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Property tax increases were due to an increase in the assessed value of taxable property within the District.

Investment earnings increased by 19.7 percent due to larger cash balances held by the District related to budget balance carryforwards.

Finally, other revenue decreased 14.5 percent primarily due to minimal insurance proceeds payments being received in the current fiscal year.

District expenses increased over the prior year by $17.6 million (5.6 percent). The District reported increases in most functions for the fiscal year. Overall, the increases were related to salary increases District wide and on-going maintenance projects within the District. Interest on long-term debt increased due to the issuances of school improvements bonds at the beginning of the fiscal year.

Financial Analysis of the District’s Funds

As noted earlier, the District uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements.

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, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.

As of the end of the current fiscal year, the District’s governmental funds reported combined ending fund balances of $95.4 million, an increase of $31.6 million in comparison with the prior year.

Approximately 53.3 percent of this total amount ($50.9 million) constitutes unassigned fund balance, which is available for spending at the government’s discretion. The remaining fund balance is either in nonspendable form or restricted to indicate that it is not available for new spending.

At fiscal year end June 30, 2020 fund balances were as follows:

Increase (Decrease)

Fund Balance From 2018-19

General Fund $ 56,704,582 $ 24,315,154

Special Projects (2,225,976) (4,070,476)

Bond Building 15,585,810 7,667,862

Debt Service 1,243,953 (263,710)

Nonmajor Governmental Funds 24,113,062 3,987,745

The General Fund fund balance increase of $24.3 million was mainly due to a significant increase in state equalization and additional state aid funding which increased by $15.1 million. State equalization is based on a state formula allocating budgeted state funds to Arizona school districts based on each district’s membership days. The funding varies based on the funds appropriated at the state level. In addition to this, the overall expenditures for the General Fund decreased by $1.8 million which was mainly due to reduced student transportation costs as a result of COVID-19 remote learning.

Special Projects Fund fund balance decreased $4.1 million. This decrease was a result of Education Stabilization Grant funds expended that will not be reimbursed until the following fiscal year.

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The Bond Building fund increased $7.7 million due to the issuance of $16.1 million in school improvement bonds at a premium or $1.5 million. Of the bond proceeds issued in the current and previous fiscal year, the District spent $10.0 million on school improvements and issuance costs in the current year.

The Debt Service Fund fund balance decreased $0.3 million. The decrease was due to increased principal and interest payments during the fiscal year as a result of the School Improvement Bond issuance.

The Nonmajor Governmental Funds increased $4.0 million. The majority of nonmajor governmental funds reported an increase in fund balance with classroom sites, instructional improvements, and other special revenue reporting the most significant increases.

Classroom Site Fund increased $2.6 million due to increased State apportioned educational sales tax monies received. Instructional improvement increased $0.9 million due to decreased expenditures in the current year and increased revenues received from the State. Other Special Revenue increased

$1.5 million largely due to decreases in expenditures in comparison to prior year.

General Fund Budgetary Highlights

Over the course of the year, the District revised the expenditure budget of the General Fund. The difference between the original budget and the final amended budget was an increase of $7.1 million.

The increase can be briefly summarized as follows:

 Average Daily Membership adjustments

 Prior year fund balance carryforward adjustments

 Prior year budget adjustment

The District fell below the General Fund budget for June 30, 2020 by $25.2 million. Significant variances from the budget were in regular education – instruction, regular education – operation and maintenance of plant, and, special education – instruction. The following is a list of significant changes within each function:

 Regular Education – Instruction: Staffing model changes and unfilled positions.

 Regular Education – Operation and Maintenance of Plant: Actual utility and maintenance expenses in the fund were lower than originally projected.

 Special Education – Instruction: Decrease in purchased services and staffing model changes.

Capital Asset and Debt Administration

The District’s investment in capital assets for its governmental activities as of June 30, 2020, amounts to $392.2 million (net of accumulated depreciation). This investment in capital assets includes construction in progress, land, land improvements, buildings and building improvements, and furniture, equipment and vehicles. The amount represents a net decrease of 3.0 percent from the previous year.

Total depreciation expense for the year was $25.7 million.

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Major capital asset events during the current fiscal year included the following:

 Technology upgrades and equipment replacements

 Athletic gym and bleacher renovations

 Student transportation vehicles

 School flooring replacements

 Continued replacement of campus fire alarm systems and security projects

 Continued renovation of school roofing and fencing

 HVAC, Energy Management, Fire Alarm Control Panel system upgrades and replacements

Capital Assets (Net) June 30, 2020 and 2019

2020 2019

Land $ 48,651,500 $ 48,651,500

Construction in Progress 2,538,927 2,134,564

Land Improvements 40,892,974 42,547,187

Buildings and Building Improvements 279,093,552 288,961,289 Furniture, Equipment, and Vehicles 21,008,916 22,089,055 Total Capital Assets, Net $ 392,185,869 $ 404,383,595

Additional information on the District’s capital assets can be found in Note 3.A.4. of this report.

Long-term debt. At the end of the current fiscal year, the District had total bonded debt outstanding of

$220.2 million. This debt is backed by the full faith and credit of the District. The following is a summary the District’s June 30, 2020 and June 30, 2019 outstanding bonded indebtedness.

Outstanding Bonded Indebtedness June 30, 2020 and 2019

2020 2019

General Obligation Bonds $ 207,770,000 $ 212,545,000 Premiums on Bonds 12,420,971 12,283,304 Total Outstanding Debt $ 220,190,971 $ 224,828,304

The District’s bonded debt decreased by a net amount of $4.6 million (2.1 percent) during the current fiscal year. The decrease was due to regularly scheduled principal payments, net of the current year bond issue.

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In the current year, the District issued $16.1 million in School Improvement Bonds, Series 2019 at a premium of $1.5 million. The Bonds represent the seventh installment of an aggregate voted principal amount of $180.0 million of school improvement bonds authorized at the 2012 election. Proceeds from the sale of the Bonds will be used to make certain improvements to school facilities and grounds;

purchase pupil transportation vehicles, technology, and pay the costs of issuing the Bonds. After the sale and issuance of the Bonds and related costs, the District has fully utilized the $180.0 million dollar bond authorization from the election.

State statutes limit the amount of bonded debt a unified school district may issue to 30 percent of its net secondary assessed valuation for Class A and Class B bonded debt combined and the greater of 20 percent of its net secondary assessed valuation or $1,500 per student count for Class B bonded debt.

The current debt limitation for the District can be found on page 99. The District’s current outstanding debt was less than the legal debt limit for all bonds.

Additional information on the District’s long-term debt can be found in Note 3.D. of this report.

Economic Factors and Next Year’s Budgets and Rates

Many factors were considered by the District’s administration during the process of developing the fiscal year 2020-21 budget. Among them include the following:

 Inflation funding and Average Daily Membership

 Arizona Governor’s 20% by FY 2020-2021 for certified classroom teachers

 Employee salaries and employee retention

 Arizona State Retirement System and health insurance benefit costs

 Utility costs

 Curriculum resource needs

 Impact of current year funding

 Impact of Proposition 206 minimum wage increases and benefit expenses

 Impact of restored District Additional Assistance/capital funding

 Federal and State funding related to the impact of COVID 19 Requests for Information

This financial report is designed to provide a general overview of the District’s finances for all those with an interest. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Business and Finance Department, Peoria Unified School District No. 11, P.O. Box 39, Peoria, Arizona 85380-0039.

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Basic Financial Statements