SRVUSD Audited Financials 2017

SAN RAMON VALLEY
UNIFIED SCHOOL DISTRICT
ANNUAL FINANCIAL REPORT

JUNE 30, 2017
SAN RAMON VALLEY UNIFIED SCHOOL DISTRICT
TABLE OF CONTENTS
JUNE 30, 2017
FINANCIAL SECTION
Independent Auditor's Report 2
Management's Discussion and Analysis 5
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position 15
Statement of Activities 16
Fund Financial Statements
Governmental Funds - Balance Sheet 17
Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 18
Governmental Funds - Statement of Revenues, Expenditures, and Changes in Fund Balances 19
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund 20
Balances to the Statement of Activities
Proprietary Funds - Statement of Net Position 21
Proprietary Funds - Statement of Revenues, Expenses, and Changes in Fund Net Position 22
Proprietary Funds - Statement of Cash Flows 23
Fiduciary Funds - Statement of Net Position 24
Notes to Financial Statements 25
REQUIRED SUPPLEMENTARY INFORMATION

General Fund - Budgetary Comparison Schedule 68
Schedule of Other Postemployment Benefits (OPEB) Funding Progress 69
Schedule of the District's Proportionate Share of the Net Pension Liability 70
Schedule of the District Pension Contributions 71
Note to Required Supplementary Information 72
SUPPLEMENTARY INFORMATION
Schedule of Expenditures of Federal Awards 74
Local Education Agency Organization Structure 75
Schedule of Average Daily Attendance 76
Schedule of Instructional Time 77
Reconciliation of Annual Financial and Budget Report with Audited Financial Statements 78
Schedule of Financial Trends and Analysis 79
Combining Statements - Non-Major Governmental Funds
Combining Balance Sheet 80
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 81
Note to Supplementary Information 82
UNAUDITED SUPPLEMENTARY INFORMATION

Assessed Valuation of Taxable Properties and Secured Tax School District Boundaries 85
Note to Supplementary Information - Unaudited 86
INDEPENDENT AUDITOR'S REPORTS

Report on Internal Control Over Financial Reporting and on Compliance and Other Matters
Based on Audit of Financial Statements Performed in Accordance with Governmental Auditing 88
Standards
Report on Compliance for Each Major Program and Report on Internal Control Over Compliance
Required by the Uniform Guidance 90
Report on State Compliance 92
SCHEDULE OF FINDINGS AND QUESTIONED COSTS

Summary of Auditor's Results 96
Financial Statement Findings 97
Federal Awards Findings and Questioned Costs 98
State Awards Findings and Questioned Costs 99
Summary Schedule of Prior Audit Findings 101
FINANCIAL SECTION
1
INDEPENDENT AUDITOR'S REPORT
Governing Board
San Ramon Unified School District
Danville, California
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 the San Ramon Valley Unified School District (the District) as of and
for the year ended June 30, 2017, 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.
Auditor's 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; and the 2016-2017 Guide for Annual Audits of K-12 Local Education Agencies and State
Compliance Reporting, issued by the California Education Audit Appeals Panel as regulations. 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 auditor's 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.
5000 Hopyard Road, Suite 335 Pleasanton, CA 94588 Tel: 925.734.6600 www.vtdcpa.com Fax: 925.734.6611
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 the San Ramon Valley Unified School District, as of June 30, 2017, and the respective changes in financial
position and, where applicable, cash flows thereof 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, budgetary comparison schedule, schedule of other postemployment benefits funding
progress, schedule of the district's proportionate share of net pension liability, and the schedule of district
contributions as listed on 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.
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 accompanying supplementary information such as the
combining and individual nonmajor fund financial statements and Schedule of Expenditures of Federal 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 (Uniform Guidance) and the other supplementary
information as listed in the table of contents are presented for purposes of additional analysis and are not a
required part of the basic financial statements.
The accompanying supplementary 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. 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 accompanying supplementary information is fairly stated, in
all material respects, in relation to the basic financial statements as a whole.
The accompanying unaudited other information has 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
it.
3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 11, 2017, on
our consideration of the San Ramon Valley Unified School 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 San Ramon Valley Unified School 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 San Ramon Valley Unified School District's internal control over financial reporting and
compliance.
Pleasanton, California
December 11, 2017
4
MANAGEMENT'S DISCUSSION AND ANALYSIS

JUNE 30, 2017
This section of San Ramon Valley Unified School District's annual financial report presents our discussion and
analysis of the District's financial performance during the fiscal year that ended on June 30, 2017. Please read it
in conjunction with the District's financial statements, which immediately follow this section.
OVERVIEW OF THE FINANCIAL STATEMENTS
The financial statements presented herein include all of the activities of the San Ramon Valley Unified School
District (the District) using the integrated approach as prescribed by GASB Statement Number 34.
The Government-Wide Financial Statements present the financial picture of the District from the economic
resources measurement focus using the accrual basis of accounting. These statements include all assets of the
District (including capital assets) as well as all liabilities (including long-term obligations). Additionally, certain
eliminations have occurred as prescribed by the statement in regards to interfund activity, payables and
receivables.
The Fund Financial Statements include statements for two of the three categories of activities: governmental, and
fiduciary. The District does not have business type activities.
The Governmental Activities are prepared using the current financial resources measurement focus and modified
accrual basis of accounting.
The Fiduciary Activities are prepared using the economic resources measurement focus and the accrual basis of
accounting. The Fiduciary Activities include the agency funds.
Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements is provided to
explain the differences created by the integrated approach.
The Primary unit of the government is the San Ramon Valley Unified School District. The District also has three
blended component units, the San Ramon Valley Unified School District Financing Corporation, the San Ramon
Valley Unified School District Educational Facilities Corporation and the San Ramon Valley Unified School
District Joint Powers Financing Authority. Both the Financing Corporation and the Educational Facilities
Corporation are inactive and have no assets or liabilities.
REPORTING THE DISTRICT AS A WHOLE
The Statement of Net Position and the Statement of Activities
The Statement of Net Position and the Statement of Activities report information about the District as a whole and
about its activities. These statements include all assets and liabilities of the District using the accrual basis of
accounting, which is similar to the accounting used by most private-sector companies. All of the current year's
revenues and expenses are taken into account regardless of when cash is received or paid. These two statements
report the District's net position and changes in it. Net position is the difference between assets and liabilities, one
way to measure the District's financial health, or financial position. Over time, increases or decreases in the
District's net position will serve as a useful indicator of whether the financial position of the district is improving
or deteriorating. Other factors to consider are changes in the District's property tax base and the condition of the
District's facilities.
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JUNE 30, 2017
The relationship between revenues and expenses is the District's operating results. Since the Board's
responsibility is to provide services to our students and not to generate profit as commercial entities do, one must
consider other factors when evaluating the overall health of the District. The quality of the education and the
safety of our schools will likely be an important component in this evaluation.
In the Statement of Net Position and the Statement of Activities, we report the District activities as follows:
Governmental activities - All of the District's services are reported in this category. This includes the education
of transition kindergarten through grade twelve students, adult education students, and the on-going effort to
improve and maintain buildings and sites. Property taxes, state income taxes, user fees, interest income, federal,
state and local grants, as well as general obligation bonds, finance these activities.
REPORTING THE DISTRICT'S MOST SIGNIFICANT FUNDS
Fund Financial Statements
The fund financial statements provide detailed information about the most significant funds - not the District as a
whole. Some funds are required to be established by State law or by bond covenants. However, management
establishes many other funds to help it control and manage money for particular purposes or to show that it is
meeting legal responsibilities for using certain taxes, grants, and other money that it receives from the U.S.
Department of Education.
Governmental funds - All of the District's basic services are reported in governmental funds, which focus on how
money flows into and out of those funds and the balances left at year-end that are available for spending. 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 detail
short-term view of the District's general government operations and the basic services it provides. Governmental
fund information helps determine whether there are more or fewer financial resources that can be spent in the near
future to finance the District's programs. The differences between the governmental fund financial statements and
those in the government-wide financial statements are explained in a reconciliation following each governmental
fund financial statement.
Proprietary funds - When the District charges users for the services it provides, whether to outside customers or
to other departments within the District, these services are generally reported in proprietary funds. Proprietary
funds are reported in the same way that all activities are reported in the Statement of Net Position and the
Statement of Revenues, Expenses and Changes in Fund Net Position. We use internal service funds (a type of
proprietary fund) to report activities that provide supplies and services for the District's other programs and
activities - such as the District's Self-Insurance Fund. The internal service funds are reported with governmental
activities in the government-wide financial statements.
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JUNE 30, 2017
THE DISTRICT AS TRUSTEE
Reporting the District's Fiduciary Responsibilities
The District is the trustee, or fiduciary, for funds held on behalf of others, like our funds for associated student
body activities, scholarships, employee retiree benefits and pension. The District's fiduciary activities are
reported in the Statements of Fiduciary Net Position and Statement of Revenues, Expenses, and Changes in Fund
Net Position. We exclude these activities from the District's other financial statements because the District cannot
use these assets to finance its operations. The District is responsible for ensuring that the assets reported in these
funds are used for their intended purposes.
FINANCIAL HIGHLIGHTS
THE DISTRICT AS A WHOLE
Net Position
The District's net position was $463.1 million and $481.3 million for the fiscal years ended 2017 and 2016
respectively. Of this amount, $32.8 million and $46.2 million were restricted for the fiscal years ended 2017 and
2016, respectively. Restricted net position is reported separately to show legal constraints from debt covenants
and enabling legislation that limit the School Board's ability to use the net position for day-to-day operations. Our
analysis below focuses on the net position (Table 1) and change in net position (Table 2) of the District's
governmental activities.
Table 1
Governmental Activities
2017 2016
Current and other assets $ 244,242,893 $ 261,060,048

Capital assets 1,007,873,381 1,012,325,142
Total Assets 1,252,116,274 1,273,385,190
Deferred Outflows of Resourses 63,786,145 53,817,768
Current liabilities 30,581,361 25,567,144
Long-term obligations 510,222,449 526,355,630
Aggregate net pension liability 303,989,269 245,990,480
Total Liabilities 844,793,079 797,913,254
Deferred Inflows of Resourses 8,025,066 48,015,372
Net Position
Net investment in capital assets 643,245,725 629,443,302
Restricted 32,805,786 46,207,118
Unrestricted (212,967,237) (194,376,088)
Total Net Position $ 463,084,274 $ 481,274,332
The $213.0 million deficit for unrestricted net position of governmental activities represents the accumulated
results of all past years' operations.
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JUNE 30, 2017
Statement of Activities
The results of this year's operations for the District as a whole are reported in the Statement of Activities on Page
16. Table 2 takes the information from the Statement, and rearranges them slightly so you can see our total
revenues for the year.
Table 2
2017 2016
Revenues
Program revenues
Charges for services $ 7,906,824 $ 8,140,660
Operating grants and contributions 56,109,468 52,679,723
Capital grants and contributions - 653,911
General revenues:
Federal and State aid not restricted 96,215,423 104,720,389
Property taxes 202,303,756 185,849,048
Other general revenues 15,335,796 17,264,490
Total Revenues 377,871,267 369,308,221
Expenses
Instruction related 279,789,832 260,337,773
Student support services 33,233,123 31,039,010
Administration 16,952,563 16,121,341
Maintenance and operations 42,231,227 39,223,190
Other 23,854,580 26,160,307
Total Expenses 396,061,325 372,881,621
Change in Net Position $ (18,190,058) $ (3,573,400)
As reported in the Statement of Activities on page 16, the cost of all of our governmental activities were $396.1
million and $372.9 million for the fiscal years ended 2017 and 2016, respectively. The cost paid by those who
benefited from the programs was $7.9 million. Grants and contributions subsidized certain programs in the
amount of $56.1 million. We paid for the remaining "public benefit" portion of our governmental activities with
$202.3 million in taxes, unrestricted Federal and State aid of $96.2 million and other revenues of $15.3 million for
the fiscal year ended 2017.
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JUNE 30, 2017
In Table 3, we have presented the net cost (total cost less revenues generated by the activities) of each of the
District's largest functions - instruction related, student support services, administration, maintenance and
operations, and other. As discussed above, net cost shows the financial burden that was placed on the District's
taxpayers by each of these functions. Providing this information allows our citizens to consider the cost of each
function in comparison to the benefits they believe are provided by that function.
Table 3
Net Cost of Services

2017 2016
Instruction Related $ 241,255,176 $ 223,230,749
Student Support services 20,753,818 18,425,678
Administration 16,637,197 14,792,923
Maintenance and operations 40,806,257 38,383,067
Other 12,592,585 16,574,910
Net Cost $ 332,045,033 $ 311,407,327
THE DISTRICT'S FUNDS
As the District completed this year, our governmental funds reported a combined fund balance of $223.7 million,
which is a decrease of $21.9 million from the prior year.
The primary changes are:
a. The fund balance in the General Fund increased $3.3 million. This was due to receipt of one-time
mandated cost and increased local revenues.
b. The Building Fund decreased $27.4 million. This was primarily due to spending down the bond
funds on the related projects.
c. The Capital Facilities Fund increased $163 thousand. This was due to lower than expected
expenditures.
d. The Special Revenue Funds increased $509 thousand due to transfers in for future QSCB debt
service, Diablo Vista field replacement, Dougherty High CSA and future Child Care building
purchases. The Cafeteria Fund increased by $29 thousand due to contributions from the General
Fund.
e. The Debt Service Fund increased $1.5 million to meet debt service requirements.
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JUNE 30, 2017
General Fund Budgetary Highlights
Over the course of the year, the District revises its budget as it attempts to deal with unexpected changes in
revenues and expenditures. The final amendment to the budget was adopted on June 27, 2017.
(A schedule showing the District's original and final budget amounts compared with amounts actually paid and
received is provided in our annual report on page 68).
The District originally projected an increase in general fund balance of $8.3 million. This was later revised to a
decrease of $1.6 million which resulted in part by the close of the prior year books and budgeting of primarily
restricted carryover and the inclusion of bargaining unit agreement costs settled during the year. Total revenues
were also revised to include revenues not anticipated at the time of the original budget adoption (primarily local
donations and grants). Likewise, with the increase in anticipated revenues, the expenditures were also increased.
In comparing the revised budget to the original adopted budget, revenue was $3.1 million higher and expenditures
were $13.0 million more than originally budgeted.
Final Revenues after the books were closed came in over the revised budget by $104 thousand. Expenditures were
$4.8 million lower than budgeted due primarily to unspent restricted supplies and services.
CAPITAL ASSET & DEBT ADMINISTRATION
Capital Assets
The District had $1,007.9 million and $1,012.3 million, net of accumulated depreciation, invested in a broad
range of capital assets, including land, buildings, and furniture and equipment for the fiscal years ended 2017 and
2016. The current amount represents a net decrease (including additions, deductions and depreciation) of $4.5
million compared to the prior year.
Table 4
2017 2016
Land $ 336,607,628 $ 336,607,628

Land Improvements 66,991,672 66,055,507
Buildings & improvements 934,392,762 896,944,167
Equipment 19,538,179 19,067,058
Construction in progress 44,658,564 55,812,409
Total accumulated depreciation (394,315,424) (362,161,627)
Totals $ 1,007,873,381 $ 1,012,325,142
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JUNE 30, 2017
Major Projects completed in 2016-17:
Site Project Amount

Dougherty Valley HS Track $ 406,170
Monte Vista HS Road repair 47,509
Monte Vista HS Varsity Baseball field 17,560
SRVHS Varsity Baseball field 273,409
Alamo Child Care Building 87,500
Bollinger Canyon Roofing 375,600
Bella Vista New Construction 31,239,356
Bella Vista Library 92,579
Ed Center Roof 516,336
Facilities Low Voltage 539,288
Green Brook Roofing 279,000
Monte Vista Seismic 18,456
Monte Vista Theater 21,333
Monte Vista Clocks and bells 84,594
Neil Armstrong Child Care Building 150,000
Rancho Romero Kitchen hood 24,800
Rancho Romero Child Care Building 87,500
SRVHS Varsity Baseball field 226,751
Service Center Roof 447,529
Service Center Office Construction 307,046
Twin Creeks Modernization 2,460,795
Technology Technology 478,648
Tassajara Child Care Building 150,000
Service Center Seismic 42,850
Totals $ 38,374,609
We present more detailed information about our capital assets in Note 5 to the financial statements.
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JUNE 30, 2017
Long-Term Obligations
At the end of this year, the District had $814.2 million in long-term obligations versus $772.3 million last year, an
increase of 5 percent. These obligations consisted of:
2017 2016
General obligation bonds $ 426,385,000 $ 440,575,000
Early Retirement Incentive - 81,217
Ground lease 13,244,082 13,244,082
Lease revenue bonds 16,565,000 18,180,000
Capitalized lease obligations 453,439 607,524
Net OPEB obligation 18,814,328 16,689,184
Net pension liabilities 303,989,269 245,990,481
Other 34,760,600 36,978,622
Totals $ 814,211,718 $ 772,346,110
The District's bond rating from Standard & Poor's is "AA." The State limits the amount of general obligation debt
that Districts can issue to 2.5 percent of the assessed value of all taxable property within the District's boundaries.
The District's outstanding general obligation debt of $426.4 million is below this $1,107 million statutorily -
imposed limit.
Other obligations include compensated absences payable, and bond premium. We present more detailed
information regarding our long-term obligations in Note 9 of the financial statements.
Net Pension Liability (NPL)
As of June 30, 2015, the District implemented GASB Statement No. 68, Accounting and Financial Reporting for
Pensions - an amendment of GASB Statement No. 27, which required the District to recognize its proportionate
share of the unfunded pension obligation for CalSTRS and CalPERS. As of June 30, 2017, the District reported
Deferred Outflows from pension activities of $63.8 million, Deferred Inflows from pension activities of $8
million, and a Net Pension Liability of $304 million.
SIGNIFICANT ACCOMPLISHMENTS OF FISCAL YEAR 2016-17 ARE NOTED BELOW:
This was the eighth year the District used revenues from the parcel tax, originally passed in April 2009 and
extended in May 2015 through the 2024-25 fiscal year, to fund teacher salaries and benefits. The tax is $144 per
parcel and generates approximately $6.8 million in revenue for the 2016-17 school year and directly funds teacher
salaries and benefits.
In collaboration with employee groups, the District secured two year salary settlements with all employee groups.
The settlements included ongoing and one-time dollars to be applied in fiscal years 2016-17 and 2017-18,
respectively.
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JUNE 30, 2017
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
Although the District continues to experience some minor enrollment growth, fewer and fewer students have been
added in each of the past four years. The District relied heavily on enrollment growth during the last recession to
soften the impacts of reduced or flat state funding. The current U.S. economic expansion is one of the longest in
history, and when the next recession ultimately arrives, the District may be experiencing flat or even declining
enrollment. It is crucial the District consider enrollment when analyzing ongoing spending commitments and
when developing multi-year projections. In addition, as the State of California approaches full Local Control
Funding Formula (LCFF) implementation, annual increases in LCFF funding may only include cost of living
adjustments (COLA) absent any modifications to LCFF going forward. Even without an economic downturn,
LCFF COLAs fall short of covering expected increases in pension contributions to the State Teachers’ Retirement
System (STRS) and the Public Employees’ Retirement System (PERS), health and welfare premium increases,
step and column salary increases, Special Education service increases, and increases in other expenses subject to
inflationary pressures (utilities, etc.). The District will continue to carefully analyze and take into account all of
these considerations when contemplating new ongoing or one-time spending commitments.
In considering the District Budget for the 2017-18 year, the District Board and management used the following
criteria:
The key assumptions in our revenue projections were:
 LCFF Gap Funding of 43.97%.

 8.25% unduplicated pupil count.
 $3,851,754 in LCFF Supplemental funding.
 Enrollment growth of 90 students over October, 2016 enrollment.
 Special Education funding assumes a 1.56% COLA and a 0.967% proration factor.
 Mandated Cost Block Grant funding (K-8, $28, 9-12, $56)
 Lottery revenue of $144/ADA (unrestricted), $45/ADA (restricted)
 Student attendance rate of 97.03%.
 The parcel tax provides the District with $6.8 million in revenue
 Federal Categorical funding remained flat from 2016-17 amounts.
Certificated staffing expenditures are based on the following ratios which exclude SDC classes, Del Amigo
Continuation School and Venture Independent Study:
Staffing Ratio
Grades transition kindergarten through third 24 : 1 (average)
Grades four and five 30 : 1
Grades six through eight 28 : 1
Grades nine through twelve 27 : 1
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JUNE 30, 2017
The key assumptions in our expenditure forecast are:
1. Health & Welfare insurance rates include a projected increase of 8.00% effective with the January
premium payment.
2. STRS employer rate of 14.43% (+1.85%)
3. PERS employer rate of 15.531% (+1.643%)
4. Maintaining Routine Restricted Maintenance to 3.0% of expenditures, an increase of $0.4 million over the
prior year
5. The 3% Reserve for Economic Uncertainties is maintained.
6. Local Control and Accountability Plan (LCAP) action plans are funded in accordance with the 2017-18
updated LCAP.
CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, students, and investors and creditors with a
general overview of the District's finances and to show the District's accountability for the money it receives. If
you have questions about this report or need any additional financial information, contact the Chief Business
Officer at San Ramon Valley Unified School District, 699 Old Orchard Drive, Danville, California, 94526, or e-
mail gtreible@srvusd.net.
14
STATEMENT OF NET POSITION

JUNE 30, 2017
Governmental
Activities
ASSETS
Deposits and investments $ 237,403,843
Receivables 6,517,946
Prepaid expenses 170,492
Stores inventories 150,612
Capital assets not depreciated 381,266,192
Capital assets, net of accumulated depreciation 626,607,189
Total Assets 1,252,116,274
DEFERRED OUTFLOWS OF RESOURCES

Deferred outflows of resources related to pensions 63,786,145
Total Deferred Outflows of Resources 63,786,145
LIABILITIES
Accounts payable 16,805,796
Claim liabilities 107,719
Interest payable 13,027,255
Unearned revenue 640,591
Current portion of long-term obligations other than pensions 14,694,430
Noncurrent portion of long-term obligations other than pensions 495,528,019
Aggregate net pension liability 303,989,269
Total Liabilities 844,793,079
DEFERRED INFLOWS OF RESOURCES

Deferred inflows of resources related to pensions 8,025,066
Total Deferred Inflows of Resources 8,025,066
NET POSITION
Net investment in capital assets 643,245,725
Restricted for:
Educational programs 9,044,385
Debt service 15,628,147
Capital projects 4,963,279
Other activities 3,169,975
Unrestricted (212,967,237)
Total Net Position $ 463,084,274
The accompanying notes are an integral part of these financial statements.
15
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2017
Net (Expenses)
Revenues and
Changes in
Program Revenues Net Position
Charges for Operating
Services and Grants and Governmental
Functions/Programs Expenses Sales Contributions Activities
Governmental Activities:
Instruction $ 236,206,248 $ 1,458,050 $ 33,817,271 $ (200,930,927)
Instruction-related activities:
Supervision
Instructionalof instruction
library, media, 10,362,856 11,415 1,876,004 (8,475,437)
and technology 6,876,805 28,996 422,168 (6,425,641)
School site administration 26,343,923 15,358 905,394 (25,423,171)
Pupil services:
Home-to-school transportation 5,921,247 11,989 2,021,351 (3,887,907)
Food services 6,887,491 5,348,644 807,460 (731,387)
All other pupil services 20,424,385 28,942 4,260,919 (16,134,524)
General administration:
Data processing 2,631,728 - - (2,631,728)
All other general administration 14,320,835 691 314,675 (14,005,469)
Plant services 42,231,227 103,012 1,321,958 (40,806,257)
Ancillary services 4,459,084 50,415 674,685 (3,733,984)
Community services 1,044,458 - 207 (1,044,251)
Interest and other costs
on long-term obligations 16,749,978 - - (16,749,978)
Other outgo 1,601,060 849,312 9,687,376 8,935,628
Total Governmental-Type
Activities $ 396,061,325 $ 7,906,824 $ 56,109,468 (332,045,033)
General revenues and subventions:
Property taxes, levied for general purposes 161,852,032
Property taxes, levied for debt service 32,510,785
Taxes levied for other specific purposes 7,940,939
Federal and State aid not restricted to specific purposes 96,215,423
Interest and investment earnings 692,146
Interagency revenues 114,793
Miscellaneous 14,528,857
Subtotal, General Revenues 313,854,975
Change in Net Position (18,190,058)
Net Position - Beginning 481,274,332
Net Position - Ending $ 463,084,274
16
GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2017
Bond Interest Non Major Total

General Building and Redemption Governmental Governmental
Fund Fund Fund Funds Funds
ASSETS
Deposits and investments $ 66,339,934 $ 127,966,978 $ 28,634,238 $ 11,354,370 $ 234,295,520
Receivables 6,292,908 35,379 21,164 166,642 6,516,093
Due from other funds - 135,538 - 154,807 290,345
Prepaid expenditures 170,492 - - - 170,492
Stores inventories 55,037 - - 95,575 150,612
Total Assets $ 72,858,371 $ 128,137,895 $ 28,655,402 $ 11,771,394 $ 241,423,062
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 12,580,720 $ 3,377,817 $ - $ 542,103 $ 16,500,640
Due to other funds 546,009 - - 49,662 595,671
Unearned revenue 640,591 - - - 640,591
Total Liabilities 13,767,320 3,377,817 - 591,765 17,736,902
Fund Balances:
Nonspendable 334,529 - - 95,575 430,104
Restricted 9,044,385 124,760,078 28,655,402 5,035,052 167,494,917
Committed - - - 6,049,002 6,049,002
Assigned 18,250,152 - - - 18,250,152
Unassigned 31,461,985 - - - 31,461,985
Total Fund Balances 59,091,051 124,760,078 28,655,402 11,179,629 223,686,160
Total Liabilities and Fund Balances $ 72,858,371 $ 128,137,895 $ 28,655,402 $ 11,771,394 $ 241,423,062
17
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET

TO THE STATEMENT OF NET POSITION
JUNE 30, 2017
Total Fund Balance - Governmental Funds $ 223,686,160

Amounts Reported for Governmental Activities in the Statement of
Net Position are Different Because:
Capital assets used in governmental activities are not financial resources and,
therefore, are not reported as assets in governmental funds.
The cost of capital assets is $ 1,402,166,202
Accumulated depreciation is (394,292,821)
Net Capital Assets 1,007,873,381
Expenditures relating to contributions made to pension plans were recognized
on the modified accrual basis, but are not recognized on the accrual basis. 63,786,145
In governmental funds, unmatured interest on long-term debt is recognized in
the period when it is due. On the government-wide statements, unmatured
interest on long-term debt is recognized when it is incurred. (13,027,255)
An internal service fund is used by the District's management to charge the
costs of the health and welfare and property and liability insurance programs
to the individual funds. The assets and liabilities of the internal service fund
are included with governmental activities. 3,002,627
Deferred inflows and outflows of resources related to pension liablility are not
recognized on the modified accrual basis, but are amortized over the
remaining service life of the members receiving pension benefits. (8,025,066)
Long-term obligations at year end consist of:
General Obligation bonds payable $ 426,385,000
Bond premiums/discounts, net of amortization 32,740,742
Lease revenue bonds payable 16,565,000
Capital leases payable 13,697,521
Compensated absences (vacations) 2,019,858
Other postemployment benefits (OPEB) 18,814,328
Net pension liabilities 303,989,269
(814,211,718)
Total Net Position - Governmental Activities $ 463,084,274
18
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
Bond Interest Non Major Total

General Building and Redemption Governmental Governmental
Fund Fund Fund Funds Funds
REVENUES
Local Control Funding Formula $ 245,283,515 $ - $ - $ - $ 245,283,515
Federal sources 6,343,067 - - 772,480 7,115,547
Other state sources 46,321,972 - 146,325 32,355 46,500,652
Other local sources 33,646,112 3,958,088 32,530,243 6,781,143 76,915,586
Total Revenues 331,594,666 3,958,088 32,676,568 7,585,978 375,815,300
EXPENDITURES
Current
Instruction 208,044,842 - - - 208,044,842
Instruction-related activities:
Supervision of instruction 9,119,099 - - - 9,119,099
Instructional library, media and
technology 6,056,328 - - - 6,056,328
School site administration 23,201,067 - - - 23,201,067
Pupil services:
Home-to-school transportation 5,220,324 - - - 5,220,324
Food services 47 - - 6,691,128 6,691,175
All other pupil services 17,981,253 - - - 17,981,253
Administration:
Data processing 2,315,408 - - - 2,315,408
All other administration 12,614,699 - - 8 12,614,707
Plant services 31,966,949 3,313,654 - 1,062,706 36,343,309
Facility acquisition and construction 2,261,918 26,734,873 - 68,721 29,065,512
Ancillary services 3,927,174 - - - 3,927,174
Community services 920,184 - - - 920,184
Other outgo 1,601,060 - - - 1,601,060
Debt service
Principal 66,671 1,615,000 8,802,398 87,415 10,571,484
Interest and other 10,058 1,671,252 22,337,877 4,693 24,023,880
Total Expenditures 325,307,081 33,334,779 31,140,275 7,914,671 397,696,806
Excess (Deficiency) of
Revenues Over Expenditures 6,287,585 (29,376,691) 1,536,293 (328,693) (21,881,506)
Other Financing Sources (Uses):
Transfers in 475,000 1,950,045 - 1,505,537 3,930,582
Transfers out (3,455,582) - - (475,000) (3,930,582)
Net Financing Sources (Uses) (2,980,582) 1,950,045 - 1,030,537 -
NET CHANGE IN FUND BALANCES 3,307,003 (27,426,646) 1,536,293 701,844 (21,881,506)

Fund Balance - Beginning 55,784,048 152,186,724 27,119,109 10,477,785 245,567,666
Fund Balance - Ending $ 59,091,051 $ 124,760,078 $ 28,655,402 $ 11,179,629 $ 223,686,160
19
RECONCILIATION OF THE GOVERNMENTAL FUNDS

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE TO THE STATEMENT OF ACTIVITIES
Total Net Change in Fund Balances - Governmental Funds $ (21,881,506)

Amounts Reported for Governmental Activities in the Statement of
Activities are Different Because:
Capital outlays to purchase or build capital assets are reported in governmental
funds as expenditures; however, for governmental activities, those costs are
shown in the Statement of Net Position and allocated over their estimated useful
lives as annual depreciation expenses in the Statement of Activities.
This is the amount by which depreciation exceeds capital outlays in the period.
Depreciation expense $ (32,153,797)
Capital outlays 27,702,036
Net Expense Adjustment (4,451,761)
In the Statement of Activities, certain operating expenses, such as compensated
absences (vacations) are measured by the amounts earned during the year.
In the governmental funds, however, expenditures for these items are
measured by the amount of financial resources used (essentially, the amounts
actually paid). Vacation earned was more than the amounts used.
(71,519)
In the governmental funds, pension costs are based on employer contributions made to
pension plans during the year. However, in the Statement of Activities, pension expense is
the net effect of all changes in the deferred outflows, deferred inflows and net pension
liability during the year. (8,040,106)
Payment of principal on long-term obligations is an expenditure in the
governmental funds, but it reduces long-term obligations in the Statement of
Net Position and does not affect the Statement of Activities.
General obligation bonds $ 14,190,000
Capital lease payable 154,086
Lease revenue 1,615,000
Early retirement incentive 81,217 16,040,303
Amortization of premium relating to bonds are expenditures in the governmental
funds, but increase the liability in the Statement of Net Position are amortized
over the life of the bond in the Statement of Activities. 2,289,541
Interest on long-term obligation is recorded as an expenditure in the funds
when it is due; however, in the Statement of Activities, interest expense is
recognized as the interest accrues, regardless of when it is due. (402,712)
In the Statement of Activities, unfunded Annual Required Contribution (ARC) is
recognized as an expense, but is not recognized in the governmental funds. (2,125,144)
An internal service fund is used by the District's management to charge the
costs of the health and welfare and the property insurance program to the
individual funds. The net income of the internal service fund is
reported with governmental activities. 452,846
Change in Net Position of Governmental Activities $ (18,190,058)
20
PROPRIETARY FUNDS
JUNE 30, 2017
Activities -
Internal
Service Fund
ASSETS
Current Assets
Deposits and investments $ 3,108,329
Due from other funds 2,017
Total Current Assets 3,110,346
LIABILITIES
Current Liabilities
Claim liabilities 107,719
Total Current Liabilities 107,719
NET POSITION
Unrestricted 3,002,627
Total Net Position $ 3,002,627
21
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
Governmental
Activities -
Internal
Service Fund
OPERATING REVENUES
In District premiums $ 4,319,976
Total Operating Revenues 4,319,976
OPERATING EXPENSES
Payroll costs 3,655,657
Other operating cost 234,583
Total Operating Expenses 3,890,240
Operating Income 429,736
NONOPERATING REVENUES
Interest income 23,110
Change in Net Position 452,846
Total Net Position - Beginning 2,549,781
Total Net Position - Ending $ 3,002,627
22
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
Governmental
Activities -
Internal
Service Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers $ 4,319,976
Cash payments to employees for services (3,655,657)
Cash payments for interfund services used, including payments in lie of taxes that are
payments for, and equivalent to, services provided 507,578
Cash payments for other operating expenses (333,765)
Net Cash Provided by Operating Activities 838,132
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 23,110
Net Cash Provided by Investing Activities 23,110
Net Increase in Cash and Cash Equivalents 861,242
Cash and Cash Equivalents - Beginning 2,247,087
Cash and Cash Equivalents - Ending $ 3,108,329
RECONCILIATION OF OPERATING INCOME TO NET CASH

PROVIDED BY OPERATING ACTIVITIES
Operating income $ 429,736
Due from other funds 657,578
Claims liabilities (99,182)
Due to other fund (150,000)
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 838,132
23
FIDUCIARY FUNDS
JUNE 30, 2017
Agency Funds
Warrant ASB
Clearing Funds
ASSETS
Deposits and investments $ 18,445,831 $ 2,812,986
Receivables 44,420 -
Due from other funds 322,977 -
Total Assets $ 18,813,228 $ 2,812,986
LIABILITIES
Due to student groups $ - $ 2,812,986
Due to other funds 19,668 -
Due to others 18,793,560 -
Total Liabilities $ 18,813,228 $ 2,812,986
24
NOTES TO FINANCIAL STATEMENTS

JUNE 30, 2017
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Financial Reporting Entity
The San Ramon Valley Unified School District (the District) was organized on July 1, 1965 under the laws of the
State of California. The District operates under a locally elected five member Board form of government and
provides educational services to grades K-12 as mandated by the State and/or Federal agencies. The District
operates 21 elementary, eight middle, four high schools, a continuation school, an independent study school.
A reporting entity is comprised of the primary government, component units, and other organizations that are
included to ensure the financial statements are not misleading. The primary government of the District consists of
all funds, departments, boards, and agencies that are not legally separate from the District. For San Ramon Valley
Unified School District, this includes general operations, food service, and student related activities of the
District.
Component Units
Component units are legally separate organizations for which the District is financially accountable. Component
units may also include organizations that are fiscally dependent on the District, in that the District approves their
budget, the issuance of their debt or the levying of their taxes. In addition, component units are other legally
separate organizations for which the District is not financially accountable but the nature and significance of the
organization's relationship with the District is such that exclusion would cause the District's financial statements
to be misleading or incomplete. The District has three component units: the San Ramon Valley Unified School
District Educational Facilities Corporation, the San Ramon Valley Unified School District Financing Corporation,
and the San Ramon Valley Unified District Joint Powers Financing Authority. The first two component units are
not presented in the financial statements as there are no activities and they are inactive. The last one is included in
the Building fund financial statements.
Basis of Presentation - Fund Accounting
The accounting system is organized and operated on a fund basis. A fund is defined as a fiscal and accounting
entity with a self-balancing set of accounts, which are segregated for the purpose of carrying on specific activities
or attaining certain objectives in accordance with special regulations, restrictions, or limitations. The District's
funds are grouped into three broad fund categories: governmental, proprietary, and fiduciary.
Governmental Funds Governmental funds are those through which most governmental functions typically are
financed. Governmental fund reporting focuses on the sources, uses, and balances of current financial resources.
Expendable assets are assigned to the various governmental funds according to the purposes for which they may
or must be used. Current liabilities are assigned to the fund from which they will be paid. The difference
between governmental fund assets and liabilities is reported as fund balance. The following are the District's
major and non-major governmental funds
Major Governmental Funds
General Fund The General Fund is the chief operating fund for all districts. It is used to account for the ordinary
operations of the District. All transactions except those accounted for in another fund are accounted for in this
fund.
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JUNE 30, 2017
Building Fund The Building Fund exists primarily to account separately for proceeds from the sale of bonds
(Education Code Section 15146) and may not be used for any purposes other than those for which the bonds were
issued.
Bond Interest and Redemption Fund The Bond Interest and Redemption Fund is used for the repayment of
bonds issued for a District (Education Code sections 15125-15262).
Non-Major Governmental Funds
Special Revenue Funds The Special Revenue funds are used to account for the proceeds from specific
revenue sources (other than trusts, major capital projects, or debt service) that are restricted or committed to
expenditures for specified purposes and that compose a substantial portion of the inflows of the fund.
Additional resources that are restricted, committed, or assigned to the purpose of the fund may also be reported
in the fund.
Cafeteria Fund The Cafeteria Fund is used to account separately for federal, State, and local resources to
operate the food service program (Education Code sections 38090-38093) and is used only for those
expenditures authorized by the governing board as necessary for the operation of the District's food service
program (Education Code Sections 38091 and 38100).
Special Reserve Fund for Other Than Capital Outlay Projects The Special Reserve for Other Than
Capital Outlay Projects is used primarily to provide for the accumulation of General Fund monies for general
operating purposes other than for capital outlay (Education Code Section 42840).
Debt Service Funds The Debt Service funds are used to account for the accumulation of restricted, committed,
or assigned resources for and the payment of principal and interest on general long-term obligations.
Capital Project Funds The Capital Project funds are used to account for financial resources that are restricted,
committed, or assigned to the acquisition or construction of major capital facilities and other capital assets (other
than those financed by proprietary funds and trust funds).
Capital Facilities Fund The Capital Facilities Fund is used primarily to account separately for monies
received from fees levied on developers or other agencies as a condition of approving a development
(Education Code sections 17620-17626. Expenditures are restricted to the purposes specified in Government
Code Sections 65970-65981 or to the items specified in agreements with the developer (Government Code
Section 66006).
Proprietary Funds Proprietary funds are used to account for activities that are more business-like than
government-like in nature. Business-type activities include those for which a fee is charged to external users or to
other organizational units of the local education agency, normally on a full cost-recovery basis. Proprietary funds
are generally intended to be self-supporting and are classified as enterprise or internal service. The District has
the following proprietary fund:
Internal Service Fund Internal Service funds may be used to account for goods or services provided to other
funds of the District on a cost-reimbursement basis. The District operates two self insurance programs that
are accounted for in an internal service fund.
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JUNE 30, 2017
Fiduciary Funds Fiduciary funds are used to account for assets held in trustee or agent capacity for others that
cannot be used to support the District's own programs. The fiduciary fund category is split into four
classifications: pension trust funds, investment trust funds, private-purpose trust funds, and agency funds. The
key distinction between trust and agency funds is that trust funds are subject to a trust agreement that affects the
degree of management involvement and the length of time that the resources are held. The District’s fiduciary
fund is Agency fund.
Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of
operations. Such funds have no equity accounts since all assets are due to individuals or entities at some future
time. The District's Agency fund accounts for student body activities (ASB) and the warrant clearing fund.
Basis of Accounting - Measurement Focus
Government-Wide Financial Statements The government-wide financial statements are prepared using the
economic resources measurement focus and the accrual basis of accounting. This is the same approach used in
the preparation of the proprietary fund financial statements, but differs from the manner in which governmental
fund financial statements are prepared.
The government-wide statement of activities presents a comparison between expenses, both direct and indirect,
and program revenues for each governmental function, and exclude fiduciary activity. Direct expenses are those
that are specifically associated with a service, program, or department and are therefore, clearly identifiable to a
particular function. The District does not allocate indirect expenses to functions in the Statement of Activities,
except for depreciation. Program revenues include charges paid by the recipients of the goods or services offered
by the programs and grants and contributions that are restricted to meeting the operational or capital requirements
of a particular program. Revenues that are not classified as program revenues are presented as general revenues.
The comparison of program revenues and expenses identifies the extent to which each program is self-financing
or draws from the general revenues of the District. Eliminations have been made to minimize the double counting
of internal activities.
Net position should be reported as restricted when constraints placed on net position use are either externally
imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other
governments or imposed by law through constitutional provisions or enabling legislation. The net position
restricted for other activities result from special revenue funds and the restrictions on their use.
Fund Financial Statements Fund financial statements report detailed information about the District. The focus
of governmental and proprietary fund financial statements is on major funds rather than reporting funds by type.
Each major fund is presented in a separate column. Non-major funds are aggregated and presented in a single
column. The internal service fund is presented in a single column on the face of the proprietary fund statements.
27

JUNE 30, 2017
Governmental Funds All governmental funds are accounted for using the flow of current financial
resources measurement focus and the modified accrual basis of accounting. With this measurement focus,
only current assets and current liabilities generally are included on the balance sheet. The statement of
revenues, expenditures, and changes in fund balance reports on the sources (revenues and other financing
sources) and uses (expenditures and other financing uses) of current financial resources. This approach
differs from the manner in which the governmental activities of the government-wide financial statements are
prepared. Governmental fund financial statements, therefore, include reconciliations with brief explanations
to better identify the relationship between the government-wide financial statements, prepared using the
economic resources measurement focus and the accrual basis of accounting, and the governmental fund
financial statements, prepared using the flow of current financial resources measurement focus and the
modified accrual basis of accounting.
Proprietary Funds Proprietary funds are accounted for using the flow of economic resources measurement
focus and the accrual basis of accounting. All assets and all liabilities associated with the operation of this
fund are included in the statement of net position. The statement of changes in fund net position presents
increases (revenues) and decreases (expenses) in net total assets. The statement of cash flows provides
information about how the District finances and meets the cash flow needs of its proprietary fund.
Fiduciary Funds Fiduciary funds are accounted for using the flow of economic resources measurement
focus and the accrual basis of accounting. Fiduciary funds are excluded from the government-wide financial
statements because they do not represent resources of the District. The Fiduciary Activities are agency funds.
The agency funds report a balance sheet and do not have a measurement focus.
Revenues – Exchange and Non-Exchange Transactions Revenue resulting from exchange transactions, in
which each party gives and receives essentially equal value, is recorded on the accrual basis when the exchange
takes place. On a modified accrual basis, revenue is recorded in the fiscal year in which the resources are
measurable and become available. Available means that the resources will be collected within the current fiscal
year or are expected to be collected soon enough thereafter, to be used to pay liabilities of the current fiscal year.
Generally, available is defined as collectible within 45 or 60 days. However, to achieve comparability of
reporting among California districts and so as not to distort normal revenue patterns, with specific respect to
reimbursement grants and corrections to State-aid apportionments, the California Department of Education has
defined available for districts as collectible within one year. The following revenue sources are considered to be
both measurable and available at fiscal year-end: State apportionments, interest, certain grants, and other local
sources.
Non-exchange transactions, in which the District receives value without directly giving equal value in return,
include property taxes, certain grants, entitlements, and donations. Revenue from property taxes is recognized in
the fiscal year in which the taxes are received. Revenue from certain grants, entitlements, and donations is
recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements
include time and purpose restrictions. On a modified accrual basis, revenue from non-exchange transactions must
also be available before it can be recognized.
Unearned Revenue Unearned revenue arises when potential revenue does not meet both the "measurable" and
"available" criteria for recognition in the current period or when resources are received by the District prior to the
incurrence of qualifying expenditures. In subsequent periods, when both revenue recognition criteria are met, or
when the District has a legal claim to the resources, the liability for unearned revenue is removed from the balance
sheet and revenue is recognized.
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JUNE 30, 2017
Certain grants received before the eligibility requirements are met are recorded as unearned revenue. On the
governmental fund financial statements, receivables that will not be collected within the available period are also
recorded as unearned revenue.
Expenses/Expenditures On the accrual basis of accounting, expenses are recognized at the time they are
incurred. The measurement focus of governmental fund accounting is on decreases in net financial resources
(expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the
related fund liability is incurred, if measurable, and typically paid within 90 days. Principal and interest on long-
term obligations, which has not matured, are recognized when paid in the governmental funds as expenditures.
Allocations of costs, such as depreciation and amortization, are not recognized in the governmental funds but are
recognized in the entity-wide statements.
Cash and Cash Equivalents
The District's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term
investments with original maturities of three months or less from the date of acquisition. Cash equivalents also
include cash with county treasury balances for purposes of the statement of cash flows.
Investments
Investments held at June 30, 2017, with original maturities greater than one year are stated at fair value. Fair
value is estimated based on quoted market prices at year-end. All investments not required to be reported at fair
value are stated at cost or amortized cost. Fair values of investments in county and State investment pools are
determined by the program sponsor.
Restricted Assets
Restricted assets arise when restrictions on their use change the normal understanding of the availability of the
asset. Such constraints are either imposed by creditors, contributors, grantors, or laws of other governments or
imposed by enabling legislation. Restricted assets in the debt service fund represent investments required by debt
covenants to be set aside by the District for the purpose of satisfying certain requirements of the bonded debt
issuance.
Prepaid Expenditures
Prepaid expenditures (expenses) represent amounts paid in advance of receiving goods or services. The District
has the option of reporting an expenditure in governmental funds for prepaid items either when purchased or
during the benefiting period. The District has chosen to report the expenditures during the benefiting period.
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JUNE 30, 2017
Stores Inventories
Inventories consist of expendable food and supplies held for consumption. Inventories are stated at cost, on the
weighted average basis. The costs of inventory items are recorded as expenditures in the governmental funds and
expenses in the proprietary funds when used.
Capital Assets and Depreciation
The accounting and reporting treatment applied to the capital assets associated with a fund are determined by its
measurement focus. Capital assets are long-lived assets of the District. The District maintains a capitalization
threshold of $$20,000. The District does not possess any infrastructure. Improvements are capitalized; the costs
of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset's life are
not capitalized, but are expensed as incurred.
When purchased, such assets are recorded as expenditures in the governmental funds and capitalized in the
government-wide statement of net position. The valuation basis for capital assets is historical cost, or where
historical cost is not available, estimated historical cost based on replacement cost. Donated capital assets are
capitalized at estimated fair market value on the date donated.
Capital assets in the proprietary funds are capitalized in the fund in which they are utilized. The valuation basis
for proprietary fund capital assets is the same as those used for the capital assets of governmental funds.
Depreciation is computed using the straight-line method. Estimated useful lives of the various classes of
depreciable capital assets are as follows:
Buildings - 10 to 50 years.
Improvements/infrastructure - 11 to 36 years.
Equipment - two to 20 years.
Interfund Balances
On fund financial statements, receivables and payables resulting from short-term interfund loans are classified as,
"interfund receivables/payables."
Compensated Absences
Compensated absences are accrued as a liability as the benefits are earned. The entire compensated absence
liability is reported on the government-wide statement of net position. For governmental funds, the current
portion of unpaid compensated absences is recognized upon the occurrence of relevant events such as employee
resignations and retirements that occur prior to year-end that have not yet been paid with expendable available
financial resources. These amounts are reported in the fund from which the employees who have accumulated
leave are paid.
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JUNE 30, 2017
Sick leave is accumulated without limit for each employee at the rate of one day for each month worked. Leave
with pay is provided when employees are absent for health reasons; however, the employees do not gain a vested
right to accumulated sick leave. Employees are never paid for any sick leave balance at termination of
employment or any other time. Therefore, the value of accumulated sick leave is not recognized as a liability in
the District's financial statements. However, credit for unused sick leave is applicable to all classified school
members who retire after January 1, 1999. At retirement, each member will receive .004 year of service credit for
each day of unused sick leave. Credit for unused sick leave is applicable to all certificated employees and is
determined by dividing the number of unused sick days by the number of base service days required to complete
the last school year, if employed full-time.
Accrued Liabilities and Long-Term Obligations
All payables, accrued liabilities, and long-term obligations are reported in the government-wide and proprietary
fund financial statements. In general, governmental fund payables and accrued liabilities that, once incurred, are
paid in a timely manner and in full from current financial resources are reported as obligations of the
governmental funds.
However, claims and judgments, compensated absences, special termination benefits, and contractually required
pension contributions that will be paid from governmental funds are reported as a liability in the governmental
fund financial statements only to the extent that they are due for payment during the current year. Bonds, capital
leases, and other long-term obligations are recognized as liabilities in the governmental fund financial statements
when due.
Debt Issuance Costs, Premiums and Discounts
In the government-wide financial statements, long-term obligations are reported as liabilities in the governmental
activities. Debt premiums and discounts, as well as issuance costs, related to prepaid insurance costs are
amortized over the life of the bonds using the straight-line method.
In governmental fund financial statements, bond premiums and discounts, as well as debt issuance costs are
recognized in the current period. The face amount of the debt is reported as other financing sources. Premiums
received on debt issuance are also reported as other financing sources. Issuance costs, whether or not withheld
from the actual debt proceeds, are reported as debt service expenditures.
Deferred Outflows/Inflows of Resources
In addition to assets, the Statement of Net Position also reports deferred outflows of resources. This separate
financial statement element represents a consumption of net position that applies to a future period and so will not
be recognized as an expense or expenditure until then. The District reports deferred outflows of resources for
pension related items.
In addition to liabilities, the Statement of Net Position reports a separate section for deferred inflows of resources.
This separate financial statement element represents an acquisition of net position that applies to a future period
and so will not be recognized as revenue until then. The District reports deferred inflows of resources for pension
related items.
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JUNE 30, 2017
Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions,
and pension expense, information about the fiduciary net position of the California State Teachers Retirement
System (CalSTRS) and the California Public Employees' Retirement System (CalPERS) plan for schools (Plans)
and additions to/deductions from the Plans' fiduciary net position have been determined on the same basis as they
are reported by CalSTRS and CalPERS. For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms. Member contributions
are recognized in the period in which they are earned. Investments are reported at fair value.
Fund Balances - Governmental Funds
As of June 30, 2017, fund balances of the governmental funds are classified as follows:
Nonspendable - amounts that cannot be spent either because they are in nonspendable form or because they are
legally or contractually required to be maintained intact.
Restricted - amounts that can be spent only for specific purposes because of constitutional provisions or enabling
legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or
regulations of other governments.
Committed - amounts that can be used only for specific purposes determined by a formal action of the governing
board. The governing board is the highest level of decision-making authority for the District. Commitments may
be established, modified, or rescinded only through resolutions or other action as approved by the governing
board.
Assigned - amounts that do not meet the criteria to be classified as restricted or committed but that are intended to
be used for specific purposes. Under the District's adopted policy, only the governing board or chief business
officer/assistant superintendent of business services may assign amounts for specific purposes.
Unassigned - all other spendable amounts.
Spending Order Policy
When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available,
the District considers restricted funds to have been spent first. When an expenditure is incurred for which
committed, assigned, or unassigned fund balances are available, the District considers amounts to have been spent
first out of committed funds, then assigned funds, and finally unassigned funds, as needed, unless the governing
board has provided otherwise in its commitment or assignment actions.
Minimum Fund Balance Policy
The District has a minimum fund balance policy for the General Fund in order to protect the district against
revenue shortfalls or unpredicted on-time expenditures. The policy requires a Reserve for Economic
Uncertainties consisting of unassigned amounts equal to no less than three percent of General Fund expenditures
and other financing uses.
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JUNE 30, 2017
Net Position
Net position represent the difference between assets and liabilities. Net position net of investment in capital
assets, consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any
borrowings used for the acquisition, construction, or improvement of those assets. Net position is reported as
restricted when there are limitations imposed on their use either through the enabling legislation adopted by the
District or through external restrictions imposed by creditors, grantors, or laws or regulations of other
governments. The District first applies restricted resources when an expense is incurred for purposes for which
both restricted and unrestricted net position are available. The government-wide financial statements report
$32,805,786 of restricted net position.
Operating Revenues and Expenses
Operating revenues are those revenues that are generated directly from the primary activity of the proprietary
funds. For the District, these revenues are In-District Premiums. Operating expenses are necessary costs incurred
to provide the good or service that is the primary activity of the fund.
Interfund Activity
Transfers between governmental and business-type activities in the government-wide financial statements are
reported in the same manner as general revenues.
Exchange transactions between funds are reported as revenues in the seller funds and as expenditures/expenses in
the purchaser funds. Flows of cash or goods from one fund to another without a requirement for repayment are
reported as interfund transfers. Interfund transfers are reported as other financing sources/uses in governmental
funds and after non-operating revenues/expenses in proprietary funds. Repayments from funds responsible for
particular expenditures/expenses to the funds that initially paid for them are not presented in the financial
statements.
Estimates
The preparation of the financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
Budgetary Data
The budgetary process is prescribed by provisions of the California Education Code and requires the governing
board to hold a public hearing and adopt an operating budget no later than July 1 of each year. The District
governing board satisfied these requirements. The adopted budget is subject to amendment throughout the year to
give consideration to unanticipated revenue and expenditures primarily resulting from events unknown at the time
of budget adoption with the legal restriction that expenditures cannot exceed appropriations by major object
account.
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JUNE 30, 2017
The amounts reported as the original budgeted amounts in the budgetary statements reflect the amounts when the
original appropriations were adopted. The amounts reported as the final budgeted amounts in the budgetary
statements reflect the amounts after all budget amendments have been accounted for. For budget purposes, on
behalf payments have not been included as revenue and expenditures as required under generally accepted
accounting principles.
Property Tax
Secured property taxes attach as an enforceable lien on property as of January 1. Taxes are payable in two
installments on November 1 and February 1 and become delinquent on December 10 and April 10, respectively.
Unsecured property taxes are payable in one installment on or before August 31. The County of Contra Costa
bills and collects the taxes on behalf of the District. Local property tax revenues are recorded when received.
Change in Accounting Principles
In June 2015, the GASB issued Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other
Than Pension Plans. The objective of this Statement is to improve the usefulness of information about
postemployment benefits other than pensions (other postemployment benefits or OPEB) included in the general
purpose external financial reports of state and local governmental OPEB plans for making decisions and assessing
accountability. This Statement results from a comprehensive review of the effectiveness of existing standards of
accounting and financial reporting for all postemployment benefits (pensions and OPEB) with regard to providing
decision-useful information, supporting assessments of accountability and inter-period equity, and creating
additional transparency.
This Statement replaces Statements No. 43, Financial Reporting for Postemployment Benefit Plans Other Than
Pension Plans, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer
Plans. It also includes requirements for defined contribution OPEB plans that replace the requirements for those
OPEB plans in Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures
for Defined Contribution Plans, as amended, Statement No. 43, and Statement No. 50, Pension Disclosures.
The District has implemented the provisions of this Statement as of June 30, 2017.
In August 2015, the GASB issued Statement No. 77, Tax Abatement Disclosures. This Statement requires
governments that enter into tax abatement agreements to disclose the following information about the agreements:
 Brief descriptive information, such as the tax being abated, the authority under which tax abatements are
provided, eligibility criteria, the mechanism by which taxes are abated, provisions for recapturing abated
taxes, and the types of commitments made by tax abatement recipients;
 The gross dollar amount of taxes abated during the period;
 Commitments made by a government, other than to abate taxes, as part of a tax abatement agreement.
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JUNE 30, 2017
In December 2015, the GASB issued Statement No. 78, Pensions Provided Through Certain Multiple-Employer
Defined Benefit Pension Plans. The objective of this Statement is to address a practice issue regarding the scope
and applicability of Statement No. 68, Accounting and Financial Reporting for Pensions. This issue is associated
with pensions provided through certain multiple-employer defined benefit pension plans and to state or local
governmental employers whose employees are provided with such pensions.
Prior to the issuance of this Statement, the requirements of Statement No. 68 applied to the financial statements of
all state and local governmental employers whose employees are provided with pensions through pension plans
that are administered through trusts that meet the criteria in paragraph 4 of that Statement.
This Statement amends the scope and applicability of Statement No. 68 to exclude pensions provided to
employees of state or local governmental employers through a cost-sharing multiple-employer defined benefit
pension plan that (1) is not a state or local governmental pension plan, (2) is used to provide defined benefit
pensions both to employees of state or local governmental employers and to employees of employers that are not
state or local governmental employers, and (3) has no predominant state or local governmental employer (either
individually or collectively with other state or local governmental employers that provide pensions through the
pension plan). This Statement establishes requirements for recognition and measurement of pension expense,
expenditures, and liabilities; note disclosures; and required supplementary information for pensions that have the
characteristics described above.
In January 2016, the GASB issued Statement No. 80, Blending Requirements for Certain Component Units -
amendment of GASB Statement No. 14. The objective of this Statement is to improve financial reporting by
clarifying the financial statement presentation requirements for certain component units. This Statement amends
the blending requirements established in paragraph 53 of Statement No. 14, The Financial Reporting Entity, as
amended. The additional criterion requires blending of a component unit incorporated as a not-for-profit
corporation in which the primary government is the sole corporate member. The additional criterion does not
apply to component units included in the financial reporting entity pursuant to the provisions of Statement
No. 39, Determining Whether Certain Organizations Are Component Units.
In March 2016, the GASB issued Statement No. 82, Pension Issues - An Amendment of GASB Statements No. 67,
No. 68, and No. 73. The objective of this Statement is to address certain issues that have been raised with respect
to Statements No. 67, Financial Reporting for Pension Plans, No. 68, Accounting and Financial Reporting for
Pensions, and No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within
the Scope of GASB Statement No. 68, and Amendments to Certain Provisions of GASB Statements No. 67 and
No. 68. Specifically, this Statement addresses issues regarding (1) the presentation of payroll-related measures in
required supplementary information, (2) the selection of assumptions and the treatment of deviations from the
guidance in an Actuarial Standard of Practice for financial reporting purposes, and (3) the classification of
payments made by employers to satisfy employee (plan member) contribution requirements.
The District has implemented the provisions of this Statement as of June 30, 2017, except for the requirements of
this Statement for the selection of assumptions in a circumstance in which an employer's pension liability is
measured as of a date other than the employer's most recent fiscal year-end. In that circumstance, the requirements
for the selection of assumptions are effective for that employer in the first reporting period in which the
measurement date of the pension liability is on or after June 15, 2017.
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JUNE 30, 2017
New Accounting Pronouncement
GASB Statement No. 75 – In June 2015, GASB issued Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits Other than Pensions. The Statement is effective for the periods beginning June 15,
2017, or the fiscal year 2017-18. The District has not determined the effect of this pronouncement.
GASB Statement No. 81 – In March 2016, GASB issued Statement No. 81, Irrevocable Split-Interest
Agreements. The requirements of this Statement are effective for reporting periods beginning after December 15,
2016, or the 2017-18 fiscal year. The District has not determined the effect of this pronouncement.
GASB Statement No. 83 – In November 2016, GASB issued Statement No. 83, Certain Asset Retirement
Obligations. The requirements of this Statement are effective for reporting periods beginning after June 15, 2018,
or the 2018-19 fiscal year. The District has not determined the effect of this pronouncement.
GASB Statement No. 84 – In January 2017, GASB issued Statement No. 84, Fiduciary Activities. The
requirements of this Statement are effective for reporting periods beginning after December 15, 2018, or the 2019-
20 fiscal year. The District has not determined the effect of this pronouncement.
GASB Statement No. 85 – In March 2017, GASB issued Statement No. 85, Omnibus 2017. The Statement is
effective for the reporting periods beginning after June 15, 2017, or 2017-18 fiscal year. The District has not
determined the effect of this pronouncement.
GASB Statement No. 86 – In May 2017, GASB issued Statement No. 86, Certain Debt Extinguishment Issues.
The Statement is effective for the reporting periods beginning after June 15, 2017, or 2017-18 fiscal year. The
District has not determined the effect of this pronouncement.
GASB Statement No. 87 – In June 2017, GASB issued Statement No. 87, Leases. The Statement is effective for
the reporting periods beginning after December 15, 2019, or 2020-21 fiscal year. The District has not determined
the effect of this pronouncement
NOTE 2 – DEPOSITS AND INVESTMENTS
Summary of Deposits and Investments
Deposits and investments as of June 30, 2017, are classified in the accompanying financial statements as follows:
Total Governmental funds $ 234,295,520

Proprietary funds 3,108,329
Fiduciary funds 21,258,817
Total Deposits and Investments $ 258,662,666
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JUNE 30, 2017
Deposits and investments as of June 30, 2017, consist of the following:
Cash on hand and in banks $ 3,272,299

Cash in revolving 109,000
Investments 255,281,367
Total Deposits and Investments $ 258,662,666
Policies and Practices
The District is authorized under California Government Code to make direct investments in local agency bonds,
notes, or warrants within the State; U.S. Treasury instruments; registered State warrants or treasury notes;
securities of the U.S. Government, or its agencies; bankers acceptances; commercial paper; certificates of deposit
placed with commercial banks and/or savings and loan companies; repurchase or reverse repurchase agreements;
medium term corporate notes; shares of beneficial interest issued by diversified management companies,
certificates of participation, obligations with first priority security; and collateralized mortgage obligations.
Investment in County Treasury - The District is considered to be an involuntary participant in an external

investment pool as the District is required to deposit all receipts and collections of monies with their County
Treasurer (Education Code Section 41001). The fair value of the District's investment in the pool is reported in
the accounting financial statements at amounts based upon the District's pro-rata share of the fair value provided
by the County Treasurer for the entire portfolio (in relation to the amortized cost of that portfolio). The balance
available for withdrawal is based on the accounting records maintained by the County Treasurer, which is
recorded on the amortized cost basis.
Investment in the State Investment Pool - The District is a voluntary participant in the Local Agency
Investment Fund (LAIF) that is regulated by California Government Code Section 16429 under the oversight of
the Treasurer of the State of California. The fair value of the District's investment in the pool is reported in the
accompanying financial statement at amounts based upon the District's pro-rata share of the fair value provided by
LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for
withdrawal is based on the accounting records maintained by LAIF, which is recorded on the amortized cost
basis.
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JUNE 30, 2017
General Authorizations
Limitations as they relate to interest rate risk, credit risk, and concentration of credit risk are indicated in the
schedules below:
Maximum Maximum Maximum
Authorized Remaining Percentage Investment
Investment Type Maturity of Portfolio in One Issuer
Local Agency Bonds, Notes, Warrants 5 years None None
Registered State Bonds, Notes, Warrants 5 years None None
U.S. Treasury Obligations 5 years None None
U.S. Agency Securities 5 years None None
Banker's Acceptance 180 days 40% 30%
Commercial Paper 270 days 25% 10%
Repurchase Agreements 1 year None None
Reverse Repurchase Agreements 92 days 20% of base None
Medium-Term Corporate Notes 5 years 30% None
Mutual Funds N/A 20% 10%
Money Market Mutual Funds N/A 20% 10%
Mortgage Pass-Through Securities 5 years 20% None
County Pooled Investment Funds N/A None None
Local Agency Investment Fund (LAIF) N/A None None
Joint Powers Authority Pools N/A None None
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to
change in market interest rate. The District manages its exposure to interest rate risk by investing in the County
Pool, LAIF and having the Pool purchase a combination of shorter term and longer term investments and by
timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly
over time as necessary to provide the cash flow and liquidity needed for operations.
Weighted Average Maturity
The District monitors the interest rate risk inherent in its portfolio by measuring the weighted average maturity of
its portfolio. Information about the weighted average maturity of the District's portfolio is presented in the
following schedule.
Weighted
Fair Average
Investment Type Value Maturity
County Pool $ 256,059,985 205
State Investment Pool (LAIF) 241,541 194
Total $ 256,301,526
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JUNE 30, 2017
Credit Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment.
This is measured by the assignment of a rating by a nationally recognized statistical rating organization. The
District's investment's in the county pool and LAIF are not required to be rated, nor have they been rated as of
June 30, 2017.
Custodial Credit Risk - 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 policy for custodial credit risk for deposits. However, the California Government Code requires
that a financial institution secure deposits made by state or local governmental units by pledging securities in an
undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental
unit). The market value of the pledged securities in the collateral pool must equal at least 110 percent of the total
amount deposited by the public agency. California law also allows financial institutions to secure public deposits
by pledging first trust deed mortgage notes having a value of 150 percent of the secured public deposits and letters
of credit issued by the Federal Home Loan Bank of San Francisco having a value of 105 percent of the secured
deposits. As of June 30, 2017, the District's bank balance of approximately $2,854,000 was exposed to custodial
credit risk because it was all insured and collateralized with securities held by the pledging financial institution's
trust department or agent, but not in the name of the District.
NOTE 3 - FAIR VALUE MEASUREMENTS
The District categorizes the fair value measurements of its investments based on the hierarchy established by
generally accepted accounting principles. The fair value hierarchy, which has three levels, is based on the
valuation inputs used to measure an asset's fair value. The following provides a summary of the hierarchy used to
measure fair value:
Level 1 - Quoted prices in active markets for identical assets that the District has the ability to access at the
measurement date. Level 1 assets may include debt and equity securities that are traded in an active exchange
market and that are highly liquid and are actively traded in over-the-counter markets.
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets in active
markets, quoted prices for identical or similar assets in markets that are not active, or other inputs that are
observable, such as interest rates and curves observable at commonly quoted intervals, implied volatilities,
and credit spreads. For financial reporting purposes, if an asset has a specified term, a Level 2 input is
required to be observable for substantially the full term of the asset.
Level 3 - Unobservable inputs should be developed using the best information available under the
circumstances, which might include the District's own data. The District should adjust that data if reasonably
available information indicates that other market participants would use different data or certain
circumstances specific to the District are not available to other market participants.
Uncategorized - Investments in the Contra Costa County Treasury Investment Pool and/or Local Agency
Investment Funds/State Investment Pools are not measured using the input levels above because the District's
transactions are based on a stable net asset value per share. All contributions and redemptions are transacted at
$1.00 net asset value per share.
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JUNE 30, 2017
The District's fair value measurements are as follows at June 30, 2017:
Fair Value Measurements Using

Level 1 Level 2 Level 3
Investment Type Fair Value Inputs Inputs Inputs Uncategorized
County Pool $ 256,059,985 $ - $ - $ - $ 256,059,985
State Investment Pool (LAIF) 241,541 - - - 241,541
Total $ 256,301,526 $ - $ - $ - $ 256,301,526
All assets have been valued using a market approach, with quoted market prices.
NOTE 4 - RECEIVABLES
Receivables at June 30, 2017, consisted of intergovernmental grants, entitlements, interest and other local sources.
All receivables are considered collectible in full.
Bond Interest Non-Major

General Building and Redemption Governmental Fiduciary
Fund Fund Fund Funds Total Funds
Federal Government
Categorical aid $ 1,599,820 $ - $ - $ 157,118 $ 1,756,938 $ -
State Government
State principal
apportionment 91,327 - - - 91,327 -
Categorical aid 2,310,045 - - - 2,310,045 -
Lottery 1,374,467 - - - 1,374,467 -
Other Local Sources 731,038 35,379 21,164 9,524 797,105 44,420
Total $ 6,292,908 $ 35,379 $ 21,164 $ 166,642 $ 6,516,093 $ 44,420
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JUNE 30, 2017
NOTE 5 - CAPITAL ASSETS
Capital asset activity for the fiscal year ended June 30, 2017, was as follows:
Balance Balance
July 1, 2016 Additions Deductions June 30, 2017
Capital Assets Not Being Depreciated:
Land $ 336,607,628 $ - $ - $ 336,607,628
Construction in Progress 55,812,409 23,784,147 34,937,992 44,658,564
Total Capital Assets
Not Being Depreciated 392,420,037 23,784,147 34,937,992 381,266,192
Capital Assets Being Depreciated:
Land Improvements 66,055,506 936,166 - 66,991,672
Buildings and Improvements 896,944,168 37,448,594 - 934,392,762
Furniture and Equipment 19,067,058 471,121 - 19,538,179
Total Capital Assets Being
Depreciated 982,066,732 38,855,881 - 1,020,922,613
Total Capital Assets 1,374,486,769 62,640,028 34,937,992 1,402,188,805
Less Accumulated Depreciation:
Land Improvements 44,042,161 1,788,687 - 45,830,848
Buildings and Improvements 304,774,472 29,236,615 - 334,011,087
Furniture and Equipment 13,344,994 1,128,495 - 14,473,489
Total Accumulated Depreciation 362,161,627 32,153,797 - 394,315,424
Total Capital Assets Being
Depreciated, Net 619,905,105 6,702,084 - 626,607,189
Governmental Activities Capital
Assets, Net $ 1,012,325,142 $ 30,486,231 $ 34,937,992 $ 1,007,873,381
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JUNE 30, 2017
Depreciation expense was charged as a direct expense to governmental functions as follows:
Instruction $ 20,810,348
Supervision of Instruction 920,169
Instructional Library Media and Technology 2,320,761
School Administration 605,803
Pupil Transportation 522,180
Food Services 5
Other Pupil Services 1,798,632
Ancillary Services 392,828
Community Services 92,044
Other General Administration 1,261,825
Data Processing Services 231,606
Plant Maintenance and Operations 3,197,596
Total Depreciation Expenses Governmental Activities $ 32,153,797
NOTE 6 – INTERFUND TRANSACTIONS
Interfund Receivables/Payables (Due To/Due From)
Interfund receivable and payable balances arise from interfund transactions and are recorded by all funds affected
in the period in which transactions are executed. Interfund receivable and payable balances at June 30, 2017,
between major and non-major governmental funds, non-major enterprise funds, internal service funds, and
fiduciary funds are as follows:
Due From
Non-Major
Building Governmental Proprietary Fiduciary
Due To Fund Funds Sub-Total Fund Funds Total
General fund $ 80,950 $ 140,065 $ 221,015 $ 2,017 $ 322,977 $ 546,009
Non-Major Governmental funds 34,920 14,742 49,662 - - 49,662
Sub-Total 115,870 154,807 270,677 2,017 322,977 595,671
Fiduciary Funds 19,668 19,668 - - 19,668
Total $ 135,538 $ 154,807 $ 290,345 $ 2,017 $ 322,977 $ 615,339
Balances resulted from the time lag between the date that (1) interfund goods and services are provided or
reimbursable expenditures occur, (2) transaction are recorded in the accounting system, and (3) payments between
funds are made.
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JUNE 30, 2017
Operating Transfers
Interfund transfers for the year ended June 30, 2017, consisted of the following:
Transfer From
Non-Major
General Building Governmental
Transfer To Fund Fund Funds Total
General Fund $ - $ 1,950,045 $ 1,505,537 $ 3,455,582
Non-Major Governmental Funds 475,000 - - 475,000
Total $ 475,000 $ 1,950,045 $ 1,505,537 $ 3,930,582
The General Fund transferred to the Cafeteria Fund to purchase truck and cover deficit. $ 571,644
The General Fund transferred to the Building Fund for debt service payments. 1,950,045
The General Fund transferred to the Special Revenue-Other Fund for DVMS and DVHS field costs. 104,635
The General Fund transferred to the Special Revenue-Other Fund for future solar debt service. 523,045
The General Fund transferred to the Special Revenue-Other Fund for child care building. 306,213
The Special Reserve-Other Fund transferred to the General Fund for Child Care Building Purchase. 475,000
Total $ 3,930,582
NOTE 7 - ACCOUNTS PAYABLE
Accounts payable at June 30, 2017, consisted of the following:
Non-Major
General Building Governmental Proprietary
Fund Fund Funds Total Funds
Vendor payables $ 8,428,222 $ 3,311,881 $ 420,101 $ 12,160,204 $ -
State apportionment 1,648,477 - - 1,648,477 -
Salaries and benefits 2,504,021 65,936 122,002 2,691,959 -
Claims payable - - - - 107,719
Total $ 12,580,720 $ 3,377,817 $ 542,103 $ 16,500,640 $ 107,719
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JUNE 30, 2017
NOTE 8- UNEARNED REVENUE
Unearned revenue as of June 30, 2017 consists of the followings:
General
Fund
Federal financial assistance $ 43,522
State categorical aid 597,069
Total $ 640,591
NOTE 9 - LONG-TERM OBLIGATIONS
Summary
The changes in the District's long-term obligations during the year consisted of the following:
Balance Additions/ Balance Due in

July 1, 2016 Accretion Deductions June 30, 2017 One Year
General obligation bonds $ 440,575,000 $ - $ 14,190,000 $ 426,385,000 $ 12,200,000
Early retirement incentive 81,217 - 81,217 - -
Ground lease 13,244,082 - - 13,244,082 725,415
Lease revenue bonds 18,180,000 - 1,615,000 16,565,000 1,615,000
Compensated absences (vacation) 1,948,339 71,519 - 2,019,858 -
Capital leases 607,524 - 154,085 453,439 154,015
Net pension liability 245,990,481 57,998,788 - 303,989,269 -
Postemployment benefits (OPEB) 16,689,184 2,125,144 - 18,814,328 -
737,315,827 60,195,451 16,040,302 781,470,976 14,694,430
Premiums, net of amortization 35,030,283 - 2,289,541 32,740,742 -
$ 772,346,110 $ 60,195,451 $ 18,329,843 $ 814,211,718 $ 14,694,430
Payments for general obligation bonds are made by the Bond Interest and Redemption fund. Payments for early
retirement incentive are made out by the General fund. Capital leases payments are made by the General and
Building funds. Compensated absences and pension will be paid for by the funds for which the employee
worked. Payment for OPEB obligations are made from Retiree Benefit Trust. Payments for lease revenue bond
are made by the Building Fund. Payment for the Ground Lease will be captured by electricity cost savings.
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JUNE 30, 2017
Bonded Debt
The outstanding general obligation bonded debt is as follows:
Bonds Bonds
Issue Maturity Interest Original Outstanding Additions/ Deletions/ Outstanding
Date Date Rate Issue July 1, 2016 Accretion Redeemed June 30, 2017
12/1/1999 2018 4.15-5.25% $ 70,000,000 $ 27,880,000 $ - $ 8,940,000 $ 18,940,000
7/20/2006 2031 4.5-5% 88,000,000 3,250,000 - 3,250,000 -
1/17/2013 2031 3-4% 52,200,000 52,200,000 - - 52,200,000
2/14/2013 2037 2-4% 74,995,000 71,005,000 - - 71,005,000
7/17/2012 2029 1-5% 167,945,000 161,240,000 - 2,000,000 159,240,000
4/20/2015 2040 4.0-5.0% 125,000,000 125,000,000 - - 125,000,000
$ 440,575,000 $ - $ 14,190,000 $ 426,385,000
Debt Service Requirements to Maturity
The bonds mature through 2041 as follows:
Interest to
Fiscal Year Principal Maturity Total
2018 $9,185,070 $22,557,980 $31,743,050
2019 10,401,485 22,692,865 33,094,350
2020 12,895,000 16,081,850 28,976,850
2021 14,290,000 15,540,650 29,830,650
2022 15,765,000 14,942,050 30,707,050
2023-2027 108,785,000 61,627,775 170,412,775
2028-2032 97,570,000 36,857,550 134,427,550
2033-2037 74,805,000 22,020,725 96,825,725
2037-2041 70,650,000 5,635,400 76,285,400
Total 414,346,555 $ 217,956,845 $ 632,303,400
Accretions to date 12,038,445
Total carrying amount $ 426,385,000
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JUNE 30, 2017
Ground Lease
On December 1, 2015, the District and the San Ramon Valley Unified School District Joint Powers Financing
Authority (the Authority) entered into a lease-lease back Ground Lease agreement with HAS OBS Op A LLC (the
Purchaser) for the purpose of financing solar projects at 15 school sites. The District agrees to lease the Vista
Grande Elementary School (the Property) to the Authority and the Authority shall lease back the property to the
District. The Purchaser agrees to purchase from the Authority the Authority’s right, title and interest in the
Ground Lease and the Lease Agreement, including its right to receive the Base Rental Payment due under the
Lease Agreement at a purchase price of $13,244,028. Based on the Agreement, the District is obligated for the
base rental payment of $13,244,028 at an interest rate of 3.86% over a 25 year term. The District expects to
receive IRS subsidy payments to offset most of the interest costs. Based on current sequestration conditions, the
net effective interest rate after IRS subsidy payments is estimated at 0.85%. As of June 30, 2017, the lease
matures on August 1, 2031 as follows:
Interest to
2018 $ 725,415 $ 497,221 $ 1,222,636
2019 666,380 470,359 1,136,739
2020 697,349 444,039 1,141,388
2021 729,261 416,506 1,145,767
2022 762,143 387,722 1,149,865
2023-2027 4,339,820 1,460,362 5,800,182
2028-2032 5,323,714 530,068 5,853,782
Total $ 13,244,082 $ 4,206,277 $ 17,450,359
Lease Revenue Bonds
On July 20, 2010, the District issued $25,000,000 Federally Taxable Lease Revenue Bonds with interest ranging
from 2.397 percent to 6.254 percent. The bonds were issued to finance construction of solar panels at several
school sites. Interest with respect to the Bonds will be payable semi-annually on each November 1 and May 1,
commencing November 1, 2010 and maturing on May 1, 2027. At June 30, 2017, the principal balance
outstanding was $16,565,000.
46

JUNE 30, 2017
Debt Service Requirements to Maturity
The lease revenue bonds mature through 2027 as follows:

Interest to
2018 1,615,000 1,021,075 2,636,075
2019 1,615,000 936,223 2,551,223
2020 1,620,000 844,103 2,464,103
2021 1,630,000 751,699 2,381,699
2022-2026 1,635,000 2,234,512 3,869,512
2027 8,450,000 115,447 8,565,447
Total $ 16,565,000 $ 5,903,059 $ 22,468,059
Early Retirement Plan
In January 2010, the District entered into agreements with certain employees retiring from the District effective at
June 30, 2010 to provide a supplemental early retirement plan to each of the thirty-five retiring employees. The
agreement calls for monthly installments to be paid within the next five years beginning August 1, 2010 towards
post-retirement benefits equal to the amount of the single party Kaiser District health plan or once Medicare
eligible, single party Kaiser Senior Advantage District health plan. During the fiscal year ending June 30, 2017,
the District paid the remaining balance of $81,217.
Compensated Absences (Vacation)
The long-term portion of compensated absences (vacation) for the District at June 30, 2017, amounted to
$2,019,858.
Capital Leases
The District has entered into agreements to lease various equipment and vehicles. Such agreements are, in
substance, purchases (capital leases) and are reported as capital lease obligations. The District's liabilities on
lease agreements with options to purchase are summarized below:
PG&E
HVAC
Data Back up Lighting
Trucks System Retrofit Total
Balance, July 1, 2016 $ 312,209 $ 291,452 $ 3,863 $ 607,524
Additions - - - -
Payments (87,415) (62,807) (3,863) (154,085)
Balance, June 30, 2017 $ 224,794 $ 228,645 $ - $ 453,439
47

JUNE 30, 2017
The capital leases have minimum lease payments as follows:
Year Ending Lease

June 30, Payment
2018 $ 168,837
2019 164,971
2020 140,661
Total 474,469
Less: Amount Representing Interest 21,030
Present Value of Minimum Lease Payments $ 453,439
Leased equipment under capital leases in capital assets and accumulated depreciation at June 30, 2017, include the
following:
Buildings $ 1,689,837
Equipment 56,852
Less: Accumulated depreciation (1,108,584)
Total $ 638,105
Other Postemployment Benefits (OPEB) Obligation
The District's annual required contribution (ARC) was $5,110,746, for the year ended June 30, 2017, and the
contribution made by the District was $2,586,962. Interest on the net OPEB obligation was $1,068,108 and the
adjustment to ARC was $1,466,748 which resulted in an increase to the net OPEB obligation of $2,125,144. As
of June 30, 2017, the net OPEB obligation was $18,814,328. See Note 11 for additional information regarding the
OPEB obligation and the postemployment benefits plan.
48

JUNE 30, 2017
NOTE 10 - FUND BALANCES
Fund balances are composed of the following elements:

Bond Interest Non-Major
General Building and Redemption Governmental
Fund Fund Fund Funds Total
Nonspendable
Revolving cash $ 109,000 $ - $ - $ - $ 109,000
Stores inventories 55,037 - - 95,575 150,612
Prepaid expenditures 170,492 - - - 170,492
Total Nonspendable 334,529 - - 95,575 430,104
Restricted
Legally restricted programs 9,044,385 - - 71,773 9,116,158
Capital projects - 124,760,078 - 4,963,279 129,723,357
Debt services - - 28,655,402 - 28,655,402
Total Restricted 9,044,385 124,760,078 28,655,402 5,035,052 167,494,917
Committed
Other - - - 6,049,002 6,049,002
Total Committed - - - 6,049,002 6,049,002
Assigned
Other 18,250,152 - - - 18,250,152
Total Assigned 18,250,152 - - - 18,250,152
Unassigned
Reserve for economic uncertainties 9,862,880 - - - 9,862,880
Remaining unassigned 21,599,105 - - - 21,599,105
Total Unassigned 31,461,985 - - - 31,461,985
Total $ 59,091,051 $ 124,760,078 $ 28,655,402 $ 11,179,629 $ 223,686,160
NOTE 11 - POSTEMPLOYMENT HEALTH CARE PLAN AND OTHER POSTEMPLOYMENT

BENEFITS (OPEB) OBLIGATION
Plan Description
The Postemployment Benefits Plan (the "Plan") is a single-employer defined benefit healthcare plan administered
by the San Ramon Valley Unified School District. The Plan offers medical, dental, vision, and life insurance
benefits to eligible retirees and their spouses. Membership of the Plan consists of 998 retirees and beneficiaries
currently receiving benefits, 329 bargaining employees ineligible for retiree health benefits, and 2167 active plan
members. The Plan is presented in these financial statements as the Retiree Benefits Trust Fund. Separate
financial statements are not prepared for the Trust.
49

JUNE 30, 2017
Contribution Information
The contribution requirements of plan members and the District are established and periodically updated through
actuarial studies that provide 20 years of projected benefit payment net of retiree contributions. For fiscal year
2016-2017, the District contributed $2,586,962 to the plan, and all was used for current premiums. District's
contributions for retiree benefits are based on the rates established in accordance with the bargaining unit
agreements. Retirees paid $2,584,870 toward their medical premiums. Contributions made by retirees vary
depending on their agreements. The retiree's out of pocket contribution is the difference between the District's
costs and the amount of their groups' respective promise. The remainder of the premiums was funded from
beginning net position and interest earnings.
Annual OPEB Cost and Net OPEB Obligation
The District's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual
required contribution of the employer (ARC), an amount actuarially determined in accordance with the
parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis,
is projected to cover normal cost each year and amortize any unfunded actuarial accrued liabilities (UAAL) (or
funding excess) over a period not to exceed thirty years. The following table shows the components of the
District's annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the District's
net OPEB obligation to the Plan:
Annual required contribution $ 5,110,746

Interest on net OPEB obligation 1,068,108
Adjustment to annual required contribution (1,466,748)
Annual OPEB cost (expense) 4,712,106
Contributions Made (2,586,962)
Increase in net OPEB obligation 2,125,144
Net OPEB obligation, beginning of year 16,689,184
Net OPEB obligation, end of year $ 18,814,328
Trend Information
Trend information for annual OPEB cost, the percentage of annual OPEB cost contributed to the Plan, and the net
OPEB obligation is as follows:
Year Ended Annual OPEB Actual Percentage Net OPEB

June 30, Cost Contributions Contributed Obligation
2015 $ 4,082,045 $ 2,176,947 53% $ 14,548,464
2016 $ 4,578,914 2,438,194 53% 16,689,184
2017 $ 4,712,106 2,586,962 55% 18,814,328
50

JUNE 30, 2017
NOTE 11 - POSTEMPLOYMENT HEALTH CARE PLAN AND OTHER POSTEMPLOYMENT

BENEFITS (OPEB) OBLIGATION (CONTINUED)
Funded Status and Funding Progress
A schedule of funding progress as of the most recent actuarial valuation is as follow:
Actuarial
Accrued
Liability Unfunded UAAL as a
Actuarial (AAL) - AAL Percentage of
Valuation Actuarial Value Unprojected (UAAL) Funded Ratio Covered Covered Payroll
Date of Assets (a) Unit Credit (b) (b - a) (a / b) Payroll (c) ([b - a] / c)
June 30, 2015 $ 21,348,140 $ 65,997,741 $ 44,649,601 32% $ 172,525,322 26%
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about
the probability of occurrence of events far into the future. Examples include assumptions about future
employment, investment returns, mortality, and the healthcare cost trend. Amounts determined regarding the
funded status of the Plan and the annual required contributions of the employer are subject to continual revision as
actual results are compared with past expectations and new estimates are made about the future. The schedule of
funding progress, presented as required supplementary information following the notes to the financial statements,
presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing
over time relative to the actuarial accrued liabilities for benefits.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood
by the employer and the plan members) and include the types of benefits provided at the time of each valuation
and the historical pattern of sharing of benefit costs between the employer and plan members to that point. The
actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term
volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective
of the calculations.
In the June 30, 2015, actuarial valuation, the entry age normal cost method was used. The actuarial assumptions
included 6.75 percent investment rate of return (net of administrative expenses), based on the plan being funded in
a Retiree Benefit Trust Fund through the CalPERS Employers' Retiree Benefit Trust (CERBT). The UAAL is
being amortized over an initial 30 years using the level-percentage-of-day method on a closed-basis. The
remaining amortization period at June 30, 2015, was 22 years. At June 30, 2017, the Trust Fund held net position
in the amount of $22.8 million, which mainly consisted of investment in CERBT program. As of June 30, 2017,
CERBT is managed by CalPERS (California Public Employees' Retirement System) that Public agencies can use
to establish a trust to prefund future retiree health and other post employment benefits. Separate financial reports
are issued by CalPERS for the OPEB plan. The separate financial reports can be obtained by mailing a request to
CalPERS.
51

JUNE 30, 2017
NOTE 12 - RISK MANAGEMENT
Property and Liability
The District is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors
and omissions; injuries to employees and natural disasters. During fiscal year ending June 30, 2017, the District
contracted with Northern California Regional Liability Excess Fund for excess property and liability insurance
coverage. Settled claims have not exceeded this coverage in any of the past three years. There has not been a
significant reduction in coverage from the prior year.
Workers' Compensation
For fiscal year 2016-2017, the District participated in the Contra Costa County Schools Insurance Group, an
insurance purchasing pool. The intent of the Contra Costa County Schools Insurance Group is to achieve the
benefit of a reduced premium for the District by virtue of its grouping and representation with other participants
in the Contra Costa County Schools Insurance Group. The workers' compensation experience of the participating
districts is calculated as one experience and a common premium rate is applied to all districts in the Contra Costa
County Schools Insurance Group. Each participant pays its workers ' compensation premium based on its
individual rate. Total savings are then calculated and each participant's individual performance is compared to the
overall savings percentage of each participating school district. A participant will then either receive money from
or be required to contribute to the "equity-pooling fund." This "equity pooling" arrangement insures that each
participant shares equally in the overall performance of the Contra Costa County Schools Insurance Group.
Participation in the Contra Costa County Schools Insurance Group is limited to districts that can meet the Contra
Costa County Schools Insurance Group selection criteria.
Claims Liabilities
The District records an estimated liability for indemnity torts and other claims against the District. Claims
liabilities are based on estimates of the ultimate cost of reported claims (including future claim adjustment
expenses) and an estimate for claims incurred, but not reported based on historical experience.
Unpaid Claims Liabilities
The fund establishes a liability for both reported and unreported events, which includes estimates of both future
payments of losses and related claim adjustment expenses. The following represent the changes in approximate
aggregate liabilities for the District from July 1, 2015 to June 30, 2017:
Dental Property
and Vision and Liability Total
Liability Balance, July 1, 2015 $ 277,252 $ 2,383 $ 279,635
Claims and changes in estimates 3,755,337 198,481 3,953,818
Claims payments (3,825,688) (200,864) (4,026,552)
Liability Balance, June 30, 2016 206,901 - 206,901
Claims and changes in estimates 3,655,657 119,695 3,775,352
Claims payments (3,754,839) (119,695) (3,874,534)
Liability Balance, June 30, 2017 $ 107,719 $ - $ 107,719
Assets available to pay claims at June 30, 2017 $ 1,890,836 $ 1,219,510 $ 3,110,346
52

JUNE 30, 2017
NOTE 13- EMPLOYEE RETIREMENT SYSTEMS
Qualified employees are covered under multiple-employer defined benefit pension plans maintained by agencies
of the State of California. Academic employees are members of the California State Teachers' Retirement System
(CalSTRS) and classified employees are members of the California Public Employees' Retirement System
(CalPERS).
For the fiscal year ended June 30, 2017, the District reported net pension liabilities, deferred outflows of
resources, deferred inflows of resources, and pension expense for each of the above plans as follows:
Collective
Collective Net Deferred Outflows Collective Deferred Collective
Pension Plan Pension Liability of Resources Inflows of Resources Pension Expense
CalSTRS $ 232,086,252 $ 41,801,484 $ 5,661,480 $ 22,956,188
CalPERS 71,903,017 21,984,661 2,363,586 9,853,298
Total $ 303,989,269 $ 63,786,145 $ 8,025,066 $ 32,809,486
The details of each plan are as follows:
California State Teachers' Retirement System (CalSTRS)
Plan Description
The District contributes to the State Teachers Retirement Plan (STRP) administered by the California State
Teachers' Retirement System (CalSTRS). STRP is a cost-sharing multiple-employer public employee retirement
system defined benefit pension plan. Benefit provisions are established by State statutes, as legislatively amended,
within the State Teachers' Retirement Law.
A full description of the pension plan regarding benefit provisions, assumptions (for funding, but not accounting
purposes), and membership information is listed in the June 30, 2015, annual actuarial valuation report, Defined
Benefit Program Actuarial Valuation. This report and CalSTRS audited financial information are publically
available reports that can be found on the CalSTRS website under Publications at:
http://www.calstrs.com/member-publications.
Benefits Provided
The STRP provides retirement, disability and survivor benefits to beneficiaries. Benefits are based on members'
final compensation, age and years of service credit. Members hired on or before December 31, 2012, with five
years of credited service are eligible for the normal retirement benefit at age 60. Members hired on or after
January 1, 2013, with five years of credited service are eligible for the normal retirement benefit at age 62. The
normal retirement benefit is equal to 2.0 percent of final compensation for each year of credited service.
53

JUNE 30, 2017
NOTE 13- EMPLOYEE RETIREMENT SYSTEMS (CONTINUED)
The STRP is comprised of four programs: Defined Benefit Program, Defined Benefit Supplement Program, Cash
Balance Benefit Program and Replacement Benefits Program. The STRP holds assets for the exclusive purpose of
providing benefits to members and beneficiaries of these programs. CalSTRS also uses plan assets to defray
reasonable expenses of administering the STRP. Although CalSTRS is the administrator of the STRP, the state is
the sponsor of the STRP and obligor of the trust. In addition, the state is both an employer and nonemployer
contributing entity to the STRP.
The District contributes exclusively to the STRP Defined Benefit Program, thus disclosures are not included for
the other plans.
The STRP provisions and benefits in effect at June 30, 2017, are summarized as follows:
STRP Defined Benefit Program

On or before On or after
Hire date December 31, 2012 January 1, 2013
Benefit formula 2% at 60 2% at 62
Benefit vesting schedule 5 years of service 5 years of service
Benefit payments Monthly for life Monthly for life
Retirement age 60 62
Monthly benefits as a percentage of eligible compensation 2.0% - 2.4% 2.0% - 2.4%
Required employee contribution rate 10.25% 9.205%
Required employer contribution rate 12.58% 12.58%
Required state contribution rate 8.828% 8.828%
Contributions
Required member, District and State of California contributions rates are set by the California Legislature and
Governor and detailed in Teachers' Retirement Law. The contributions rates are expressed as a level percentage of
payroll using the entry age normal actuarial method. In accordance with AB 1469, employer contributions into the
CalSTRS will be increasing to a total of 19.1 percent of applicable member earnings phased over a seven-year
period. The contribution rates for each plan for the year ended June 30, 2017, are presented above and the
District's total contributions were $18,411,717.
54

JUNE 30, 2017
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
At June 30, 2017, the District reported a liability for its proportionate share of the net pension liability that
reflected a reduction for State pension support provided to the District. The amount recognized by the District as
its proportionate share of the net pension liability, the related state support and the total portion of the net pension
liability that was associated with the District were as follows:
Total net pension liability, including State share:

District's proportionate share of net pension liability $ 232,086,252
State's proportionate share of the net pension liability associated with the District 132,122,563
Total $ 364,208,815
The net pension liability was measured as of June 30, 2016. The District's proportion of the net pension liability
was based on a projection of the District's long-term share of contributions to the pension plan relative to the
projected contributions of all participating school districts and the State, actuarially determined. The District's
proportionate share for the measurement period June 30, 2016 and June 30, 2015, respectively was 0.2869 percent
and 0.2850 percent, resulting in a net increase in the proportionate share of 0.0019 percent.
For the year ended June 30, 2017, the District recognized pension expense of $22,956,188. In addition, the
District recognized pension expense and revenue of $11,167,915 for support provided by the State. At June 30,
2017, the District reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred Outflows Deferred Inflows

of Resources of Resources
Pension contributions subsequent to measurement date $ 18,411,717 $ -
Net change in proportionate share of net pension liability 4,939,023 -
Difference between projected and actual earnings on pension plan
investments 18,450,744 -
Differences between expected and actual experience in the measurement of
the total pension liability - 5,661,480
Total $ 41,801,484 $ 5,661,480
55

JUNE 30, 2017
The deferred outflows of resources related to pensions resulting from District contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the subsequent fiscal year. The
deferred outflows/(inflows) of resources related to the difference between projected and actual earnings on
pension plan investments will be amortized over a closed five-year period and will be recognized in pension
expense as follows:
Deferred
Outflows
Year End June 30 of Resources
2018 $ 402,535
2019 402,535
2020 10,725,481
2021 6,920,193
Total $ 18,450,744
The deferred outflows/(inflows) of resources related to the net change in proportionate share of net pension
liability and differences between expected and actual experience in the measurement of the total pension liability
will be amortized over the Expected Average Remaining Service Life (EARSL) of all members that are provided
benefits (active, inactive, and retirees) as of the beginning of the measurement period. The EARSL for the
measurement period is 7 years and will be recognized in pension expense as follows:
Deferred
Inflows
of Resources
Year End June 30
2018 $ (80,623)
2019 (80,623)
2020 (80,623)
2021 (80,623)
2022 (80,623)
Thereafter (319,342)
Total $ (722,457)
56

JUNE 30, 2017
Total pension liability for STRP was determined by applying update procedures to a financial reporting actuarial
valuation as of June 30, 2015, and rolling forward the total pension liability to June 30, 2016. The financial
reporting actuarial valuation as of June 30, 2015, used the following methods and assumptions, applied to all prior
periods included in the measurement:
Valuation date June 30, 2015

Measurement date June 30, 2016
Experience study July 1, 2006 through June 30, 2010
Actuarial cost method Entry age normal
Discount rate 7.60%
Investment rate of return 7.60%
Consumer price inflation 3.00%
Wage growth 3.75%
CalSTRS uses custom mortality tables to best fit the patterns of mortality among its members. These custom
tables are based on RP2000 series tables adjusted to fit CalSTRS experience.
The long-term expected rate of return on pension plan investments was determined using a building-block method
in which best estimate ranges of expected future real rates of return (expected returns, net of pension plan
investment expense and inflation) are developed for each major asset class. The best estimate ranges were
developed using capital market assumptions from CalSTRS general investment consultant. Based on the model
for CalSTRS consulting actuary's investment practice, a best estimate range was determined by assuming the
portfolio is re-balanced annually and that the annual returns are lognormally distributed and independent from
year to year to develop expected percentiles for the long-term distribution of annualized returns. The assumed
asset allocation is based on Teachers' Retirement Board of the California State Teachers’ Retirement System
(board) policy for target asset allocation in effect on February 2, 2012, the date the current experience study was
approved by the board. Best estimates of 10-year geometric real rates of return and the assumed asset allocation
for each major asset class used as input to develop the actuarial investment rate of return are summarized in the
following table:
Assumed Asset Long Term Expected
Asset Class Allocation Real Rate of Return
Global equity 47% 6.30%
Private equity 13% 9.30%
Real estate 13% 5.20%
Inflation sensitive 4% 3.80%

Fixed income 12% 0.30%
Cash/liquidity 2% -1.00%
Absolute Return/Risk
Mitigating Strategies 9% 2.90%
57

JUNE 30, 2017
Discount Rate
The discount rate used to measure the total pension liability was 7.60 percent. The projection of cash flows used
to determine the discount rate assumed the contributions from plan members and employers will be made at
statutory contribution rates. Projected inflows from investment earnings were calculated using the long-term
assumed investment rate of return (7.60 percent) and assuming that contributions, benefit payments and
administrative expense occurred midyear. Based on these assumptions, the STRP's fiduciary net position was
projected to be available to make all projected future benefit payments to current plan members. Therefore, the
long-term assumed investment rate of return was applied to all periods of projected benefit payments to determine
total pension liability.
The following presents the District's proportionate share of the net pension liability calculated using the current
discount rate as well as what the net pension liability would be if it were calculated using a discount rate that is
one percent lower or higher than the current rate:
Discount Rate Net Pension Liability

1% decrease (6.60%) $ 334,024,459
Current discount rate (7.60%) $ 232,086,252
1% increase (8.60%) $ 147,425,172
California Public Employees Retirement System (CalPERS)
Plan Description
Qualified employees are eligible to participate in the School Employer Pool (SEP) under the California Public
Employees' Retirement System (CalPERS), a cost-sharing multiple-employer public employee retirement system
defined benefit pension plan administered by CalPERS. Benefit provisions are established by State statutes, as
legislatively amended, within the Public Employees' Retirement Law.
A full description of the pension plans regarding benefit provisions, assumptions (for funding, but not accounting
purposes), and membership information is listed in the June 30, 2015 annual actuarial valuation report, Schools
Pool Actuarial Valuation. This report and CalPERS audited financial information are publically available reports
that can be found on the CalPERS website under Forms and Publications at:
https://www.calpers.ca.gov/page/forms-publications.
58

JUNE 30, 2017
Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits
to plan members, who must be public employees and beneficiaries. Benefits are based on years of service credit, a
benefit factor and the member's final compensation. Members hired on or before December 31, 2012, with five
years of total service are eligible to retire at age 50 with statutorily reduced benefits. Members hired on or after
January 1, 2013, with five years of total service are eligible to retire at age 52 with statutorily reduced benefits.
All members are eligible for non-duty disability benefits after five years of service. The Basic Death Benefit is
paid to any member's beneficiary if the member dies while actively employed. An employee's eligible survivor
may receive the 1957 Survivor Benefit if the member dies while actively employed, is at least age 50 (or 52 for
members hired on or after January 1, 2013), and has at least five years of credited service. The cost of living
adjustments for each plan are applied as specified by the Public Employees' Retirement Law.
The CalPERS provisions and benefits in effect at June 30, 2017, are summarized as follows:
School Employer Pool (CalPERS)

On or before On or after
Hire date December 31, 2012 January 1, 2013
Benefit formula 2% at 55 2% at 62
Benefit vesting schedule 5 years of service 5 years of service
Benefit payments Monthly for life Monthly for life

Retirement age 55 62
Monthly benefits as a percentage of eligible compensation 1.1% - 2.5% 1.0% - 2.5%
Required employee contribution rate 7.00% 6.000%
Required employer contribution rate 13.888% 13.888%
Contributions
Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution
rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1
following notice of a change in the rate. Total plan contributions are calculated through the CalPERS annual
actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs
of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued
liability. The District is required to contribute the difference between the actuarially determined rate and the
contribution rate of employees. The contributions rates are expressed as percentage of annual payroll. The
contribution rates for each plan for the year ended June 30, 2017, are presented above and the total District
contributions were $6,357,652.
59

JUNE 30, 2017
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
As of June 30, 2017, the District reported net pension liabilities for its proportionate share of the CalPERS net
pension liability totaling $71,903,017. The net pension liability was measured as of June 30, 2016. The District's
proportion of the net pension liability was based on a projection of the District's long-term share of contributions
to the pension plan relative to the projected contributions of all participating school districts, actuarially
determined. The District's proportion proportionate share for the measurement period June 30, 2016 and June 30,
2015, respectively was 0.3641 percent and 0.3659 percent, resulting in a net decrease in the proportionate share of
0.0018 percent.
For the year ended June 30, 2017, the District recognized pension expense of $9,853,298. At June 30,2017, the
District reported deferred outflows of resources and deferred inflows of resources related to pensions from the
following sources:
Deferred Outflows Deferred Inflows

of Resources of Resources
Pension contributions subsequent to measurement date $ 6,357,652 $ -
Net change in proportionate share of net pension liability 1,377,453 203,329
Difference between projected and actual earnings on pension plan
investments 11,157,037 -
Differences between expected and actual experience in the 3,092,519 -
measurement of the total pension liability
Change of Assumptions 2,160,257
Total $ 21,984,661 $ 2,363,586
The deferred outflow of resources related to pensions resulting from District contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the subsequent fiscal year. The
deferred outflows/ inflows of resources related to the difference between projected and actual earnings on pension
plan investments will be amortized over a closed five-year period and will be recognized in pension expense as
follows:
Deferred
Year Ended June 30 Outflows
2018 $ 1,564,923
2019 1,564,923
5,115,304
2020
2021 2,911,887
Total $ 11,157,037
The deferred outflows/(inflows) of resources related to the net change in proportionate share of net pension
liability, changes of assumptions, and differences between expected and actual experience in the measurement of
the total pension liability will be amortized over the Expected Average Remaining Service Life (EARSL) of all
members that are provided benefits (active, inactive, and retirees) as of the beginning of the measurement period.
60

JUNE 30, 2017
The EARSL for the measurement period is 3.9 years and will be recognized in pension expense as follows:
Deferred
Year Ended June 30 Inflows
2018 $ (948,949)
2019 (884,391)
2020 (273,046)
Total $ (2,106,386)
Total pension liability for the SEP was determined by applying update procedures to a financial reporting
actuarial valuation as of June 30, 2015, and rolling forward the total pension liability to June 30, 2016. The
financial reporting actuarial valuation as of June 30, 2015, used the following methods and assumptions, applied
to all prior periods included in the measurement:
Valuation date June 30, 2015

Measurement date June 30, 2016
Experience study July 1, 1997 through June 30, 2011
Actuarial cost method Entry age normal
Discount rate 7.65%
Investment rate of return 7.65%
Consumer price inflation 2.75%
Wage growth Varies by entry age and service
Mortality assumptions are based on mortality rates resulting from the most recent CalPERS experience study
adopted by the CalPERS Board. For purposes of the post-retirement mortality rates, those revised rates include
five years of projected ongoing mortality improvement using Scale AA published by the Society of Actuaries.
61

JUNE 30, 2017
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term
market return expectations as well as the expected pension fund cash flows. Using historical returns of all the
funds' asset classes, expected compound returns were calculated over the short-term (first ten years) and the long-
term (11-60 years) using a building-block approach. Using the expected nominal returns for both short-term and
long-term, the present value of benefits was calculated for each fund. The expected rate of return was set by
calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows
as the one calculated using both short-term and long-term returns. The expected rate of return was then set
equivalent to the single equivalent rate calculated above and rounded down to the nearest one quarter of one
percent. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class
are summarized in the following table:
Assumed Asset Long Term Expected

Asset Class Allocation Real Rate of Return
Global equity 51% 5.71%
Global debt securities 20% 2.43%
Private equity 10% 6.95%
Real estate 10% 5.13%
Inflation assets 6% 3.36%
Infrastructure and Forestland 2% 5.09%
Liquidity 1% -1.05%
Discount Rate
The discount rate used to measure the total pension liability was 7.65 percent. The projection of cash flows used
to determine the discount rate assumed the contributions from plan members and employers will be made at
statutory contribution rates. Based on these assumptions, the School Employer Pool fiduciary net position was
projected to be available to make all projected future benefit payments to current plan members. Therefore, the
long-term assumed investment rate of return was applied to all periods of projected benefit payments to determine
total pension liability.
The following presents the District's proportionate share of the net pension liability calculated using the current
discount rate as well as what the net pension liability would be if it were calculated using a discount rate that is
one percent lower or higher than the current rate:
Discount Rate Net Pension Liability

1% decrease (6.65%) $ 107,279,702
Current discount rate (7.65%) $ 71,903,017
1% increase (8.65%) $ 42,444,965
62

JUNE 30, 2017
Social Security
As established by Federal Law, all public sector employees who are not members of their employer’s existing
retirement system (CalSTRS or CalPERS) must be covered by Social Security or an alternative plan. The District
has elected to use Social Security. Contributions made by the District and an employee vest immediately. The
District contributes 6.2 percent of an employee’s gross earnings. An employee is required to contribute 6.2
percent of his or her gross earnings to Social Security.
On Behalf Payments
The State of California makes contributions to CalSTRS on behalf of the District. These payments consist of State
General Fund contributions to CalSTRS in the amount of $11,167,915 (8.828 percent of annual payroll).
Contributions are no longer appropriated in the annual Budget Act for the legislatively mandated benefits to
CalPERS. Therefore, there is no on behalf contribution rate for CalPERS. Under accounting principles generally
accepted in the United States of America, these amounts are to be reported as revenues and expenditures.
Accordingly, these amounts have been recorded in these financial statements. On behalf payments have been
excluded from the calculation of available reserves, and have not been included in the budgeted amounts reported
in the General Fund - Budgetary Comparison Schedule.
NOTE 14 - COMMITMENTS AND CONTINGENCIES
Grants
The District received financial assistance from Federal and State agencies in the form of grants. The
disbursement of funds received under these programs generally requires compliance with terms and conditions
specified in the grant agreements and are subject to audit by the grantor agencies. Any disallowed claims
resulting from such audits could become a liability of the General Fund or other applicable funds. However, in
the opinion of management, any such disallowed claims will not have a material adverse effect on the overall
financial position of the District at June 30, 2017.
Litigation
The District is involved in various litigation arising from the normal course of business. In the opinion of
management and legal counsel, the disposition of all litigation pending is not expected to have a material adverse
effect on the overall financial position of the District at June 30, 2017.
63

JUNE 30, 2017
NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED)
Operating Leases
The District has entered into various operating leases for buildings and equipment with lease terms in excess of
one year. None of these agreements contain purchase options. All agreements contain a termination clause
providing for cancellation after a specified number of days written notice to lessors, but it is unlikely that the
District will cancel any of the agreements prior to the expiration date. Future minimum lease payments under
these agreements are as follows:
Year Ending Lease

June 30, Payment
2018 $ 132,823
2019 61,328
Total $ 194,151
64

JUNE 30, 2017
NOTE 14 - COMMITMENTS AND CONTINGENCIES (CONTINUED)
Construction Commitments
As of June 30, 2017, the District had the following commitments with respect to the unfinished capital projects:
Remaining Expected
Construction Date of
Capital Project Commitment Completion
San Ramon Valley High School-Classroom
Stomper Company Inc. $ 94,321 August-17
Lathrop Construction Association Inc. 673,706 June-19
Dowdle & Sons Mechanical, Inc. 2,542,659 June-19
Bay Cities Paving & Grading, Inc. 1,339,172 June-19
TNB Construction 3,138,117 June-19
Kwan Wo Ironworks, Inc. 3,509,500 June-19
Campanella Corporation 116,650 June-19
Stone Valley Middle School

Marquee Fire Protector 414,300 May-18
Vila Construction 12,133,680 May-18
Vila Construction (Electrical) 250,240 May-18
Dinelli Plumbing Inc. 1,040,420 May-18
Kevin Sullivan Heating & Air, Inc. 3,517,540 May-18
Sausal Corporation 729,394 May-18
MJ Gilbert Construction Co., Inc. 52,654 May-18
California High School - Science Modernization

Jeffco Roofing Company 85,102 December-17
Integra Construction Services, Inc. 1,417,031 December-17
Sycamore Valley Modernization

American Air Conditioning, Plumbing & Heating 87,833 September-17
Montevideo Modernization
Dowdle & Sons Mech Inc. 88,932 September-17
Golden View Modernization

Dowdle & Sons Mechanical, Inc. 92,598 September-17
$ 31,323,846
65

JUNE 30, 2017
NOTE 15 - PARTICIPATION IN PUBLIC ENTITY RISK POOLS, JOINT POWER AUTHORITIES AND
OTHER RELATED PARTY TRANSACTIONS
The District is a member of the Contra Costa County School Insurance Group, Northern California Regional
Excess Liability Fund, and the School Excess Liability Fund public entity risk pools. The District pays an annual
premium to the applicable entity for its workers' compensation and property liability coverage. The relationship
between the District and the pools are such that they are not component units of the District for financial reporting
purposes.
These entities have budgeting and financial reporting requirements independent of member units and their
financial statements are not presented in these financial statements; however, fund transactions between the
entities and the District are included in these statements. Audited financial statements are generally available
from the respective entities.
The District has appointed a board member to the governing board of Contra Costa County Schools Insurance
Group and to the Northern California Regional Excess Liability Fund.
During the year ended June 30, 2017, the District made payment of $3,455,972 and $1,943,227 to Contra Costa
County Schools Insurance Group and Northern California Regional Excess Liability Fund, respectively for
insurance coverage.
NOTE 16 – PRIOR YEAR’S FIDUCIARY FUND NET POSITION
Per recent guidance issued by the Governmental Accounting Standards Board (GASB), the District has changed
its accounting treatment of the California Public Employees’ Retirement System (CalPERS) trust. GASB
statement No. 74 replaces GASB statement No. 43 and sets forth standards of financial reporting over OPEB
plans. In doing so, it provided definitions of assets held with a trust. The District is not an administrator of the
CalPERS trust and accordingly is no longer reporting the asset as a fiduciary fund. In the prior year, the District
reported a net position of $21,055,161. As of June 30, 2017 the net position increased by $1,792,919 to
$22,848,080, all of which is in the CalPERS trust. As of June 30, 2017, the net position of $22,848,080 has been
removed from the fiduciary fund financial statements and related disclosures.
66
REQUIRED SUPPLEMENTARY INFORMATION
67
SCHEDULE OF OTHER POSTEMPLOYMENT BENEFITS (OPEB) FUNDING

PROGRESS
Positive
(Negative)
Budgeted Amounts Actual Final
Original Final (GAAP Basis) to Actual
REVENUES
Local Control Funding Formula 246,115,133 $ 245,042,246 $ 245,283,515 $ 241,269
Federal sources 6,030,305 6,526,885 6,343,067 (183,818)
Other state sources 46,463,752 46,237,195 46,321,972 84,777
Other local sources 30,303,869 34,366,367 33,646,112 (720,255)
Total Revenues 328,913,059 332,172,693 331,594,666 (578,027)
EXPENDITURES
Current
Certificated salaries 142,939,132 143,767,101 147,092,589 (3,325,488)
Classified salaries 50,032,197 49,603,675 51,303,863 (1,700,188)
Employee benefits 82,144,365 80,124,283 81,118,723 (994,440)
Books and supplies 12,033,419 18,126,776 12,458,346 5,668,430
Services and operating expenditures 27,762,336 33,969,512 28,976,825 4,992,687
Other outgo 767,218 3,592,766 1,601,060 1,991,706
Capital outlay 1,505,292 1,597,133 2,678,946 (1,081,813)
Debt service - principal 91,841 91,841 66,671 25,170
Deb service - interest 10,058 10,058 10,058 -
Total Expenditures 317,285,858 330,883,145 325,307,081 5,576,064
Excess (Deficiency) of Revenues
Over Expenditures 11,627,201 1,289,548 6,287,585 4,998,037
Transfers in - 475,000 475,000 -
Transfers out (3,307,043) (3,331,079) (3,455,582) (124,503)
Net Financing Sources (Uses) (3,307,043) (2,856,079) (2,980,582) (124,503)
NET CHANGE IN FUND BALANCES 8,320,158 (1,566,531) 3,307,003 4,873,534
Fund Balance - Beginning 55,784,048 55,784,048 55,784,048 -
Fund Balance - Ending $ 64,104,206 $ 54,217,517 $ 59,091,051 $ 4,873,534
See accompanying note to required supplementary information.
68
SCHEDULE OF OTHER POSTEMPLOYMENT BENEFITS (OPEB) FUNDING

PROGRESS
Actuarial
Accrued
Liability Unfunded UAAL as a
Actuarial (AAL) - AAL Percentage of
Valuation Actuarial Value Unprojected (UAAL) Funded Ratio Covered Covered Payroll
Date of Assets (a) Unit Credit (b) (b - a) (a / b) Payroll (c) ([b - a] / c)
September 1, 2011 $ 17,710,149 $ 56,283,659 $ 38,573,510 31% $ 160,928,366 24%

June 30, 2013 19,157,850 58,373,360 39,215,510 33% 164,943,326 24%
June 30, 2015 21,348,140 65,997,741 44,649,601 32% 172,525,322 26%
69
SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET

PENSION LIABILITY
Measurement Date as of June 30, 2016 2015 2014

CalSTRS
District's proportion of the net pension liability 0.2869% 0.2850% 0.2778%
District's proportionate share of the net pension liability $ 232,086,252 $ 192,063,676 $ 162,347,741
State's proportionate share of the net pension liability associated with the District 132,122,563 101,580,512 98,032,575
Total $ 364,208,815 $ 293,644,188 $ 260,380,316
District's covered - employee payroll $ 141,395,251 $ 130,188,756 $ 124,652,171
District's proportionate share of the net pension liability as a percentage of its

covered - employee payroll 164.14% 147.53% 130.24%
Plan fiduciary net position as a percentage of the total pension liability 70% 74% 77%
CalPERS
District's proportion of the net pension liability 0.3641% 0.3659% 0.3473%
District's proportionate share of the net pension liability $ 71,903,017 $ 53,926,804 $ 39,428,669
District's proportionate share of the net pension liability as a percentage of its

covered - employee payroll 163% 135% 103.75%
Plan fiduciary net position as a percentage of the total pension liability 74% 79% 83%
Note : In the future, as data become available, ten years of information will be presented.
70
SCHEDULE OF THE DISTRICT PENSION CONTRIBUTIONS

2017 2016 2015

CalSTRS
Contractually required contribution $ 18,411,717 $ 14,867,169 $ 11,447,654

Contributions in relation to the contractually required contribution 18,411,717 14,867,169 11,447,654
Contribution deficiency (excess) $ - $ - $ -
Contributions as a percentage of covered - employee payroll 12.99% 10.51% 8.79%
CalPERS
Contractually required contribution $ 6,357,652 $ 5,115,995 $ 4,613,862

Contributions in relation to the contractually required contribution 6,357,652 5,115,995 4,613,862
Contribution deficiency (excess) $ - $ - $ -
Contributions as a percentage of covered - employee payroll 14.10% 11.52% 11.57%
Note : In the future, as data become available, ten years of information will be presented.
71
NOTE TO REQUIRED SUPPLEMENTARY INFORMATION

JUNE 30, 2017
NOTE 1 - PURPOSE OF SCHEDULES
Budgetary Comparison Schedule
This schedule presents information for the original and final budgets and actual results of operations, as well as
the variances from the final budget to actual results of operations.
Schedule of Other Postemployment Benefits (OPEB) Funding Progress
This schedule is intended to show trends about the funding progress of the District's actuarially determined
liability for postemployment benefits other than pensions.
Schedule of the District's Proportionate Share of the Net Pension Liability
This schedule presents information on the District's proportionate share of the net pension liability (NPL), the
plans' fiduciary net position and, when applicable, the State's proportionate share of the NPL associated with the
District. In the future, as data becomes available, ten years of information will be presented.
Changes in Benefit Terms – There were no changes in benefit terms since the previous valuations for both
CalSTRS and CalPERS.
Changes in Assumptions – There were no changes in economic assumptions for either the CalSTRS or
CalPERS plans from the previous valuations
Schedule of District Contributions
This schedule presents information on the District's required contribution, the amounts actually contributed, and
any excess or deficiency related to the required contribution. In the future, as data becomes available, ten years of
information will be presented.
72
SUPPLEMENTARY INFORMATION
73
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

Pass-Through
Federal Entity
Federal Grantor/Pass-Through CFDA Identifying Federal
Grantor/Program or Cluster Title Number Number Expenditures
U.S. DEPARTMENT OF EDUCATION
Passed through California Department of Education (CDE):
Elementary & Secondary Education Act
Title I - Part A, Basic Grants 84.010 14981 $ 553,564
Title II - Part A, Improving Teacher Quality 84.367 14341 306,494
Educational Technology State Grants Cluster
Title III - Limited English Proficiency 84.365 14346 148,240
Title III - Immigrant Education Program 84.365 15146 94,315
Career and Technical Education - Basic Grants to States 84.048 14897 100,690
Special Education - State Personnel Development (Early Intervention
84.181Grants) 23761 75,121
Special Education Cluster (IDEA)
Preschool Grants 84.173 13430 189,562
Preschool Staff Development, Part B 84.173A 13431 1,000
Alternate Dispute Resolution, Part B, Sec 611 84.173A 13007 21,097
Basic Local Assistance Entitlement 84.027 13379 3,988,784
Local Assistance, Part B 84.027 10115 17,280
Mental Health Allocation Plan 84.027 14468 361,881
Preschool Local Entitlement 84.027A 13682 485,039
Special Education Cluster Subtotal 5,064,643
Total U.S. Department of Education 6,343,067
U.S. DEPARTMENT OF AGRICULTURE
Passed through CDE:
Child Nutrition Cluster
School Breakfast Program 10.553 13390 46,536
National School Lunch Program 10.555 13524 661,296
Performance Base Reimbursement (Lunch) 10.555 13526 64,648
Fair Market Value of Commodities [1] 10.555 13396 212,164
Total U.S. Department of Agriculture 984,644
Total Expenditures of Federal Awards $ 7,327,711
[1] Amount not included in financial statements
See accompanying note to supplementary information.
74
LOCAL EDUCATION AGENCY ORGANIZATION STRUCTURE

JUNE 30, 2017
ORGANIZATION
The San Ramon Valley Unified School District was established on July 1, 1965 and consists of an area
comprising approximately 104 square miles. The District operates 22 elementary schools, eight middle schools,
four high schools, a continuation, and an independent study. There were no boundary changes during the year.
GOVERNING BOARD
MEMBER OFFICE TERM EXPIRES
Mark Jewett President 2020
Ken Mintz Vice President 2018
Rachel Hurd Clerk 2018
Denise Jennison Member 2018
Greg Marvel Member 2020
ADMINISTRATION
Rick Schmitt Superintendent
Greg Medici Chief Business Officer
Gary Black Assistant Superintendent, Facilities and Operations
Keith Rogenski Assistant Superintendent, Human Resources
Toni Taylor Assistant Superintendent, Educational Services
75
SAN RAMON VALLEY UNIFIED SCHOOL DISTRICTSAN RAMON VALLEY
UNIFIED SCHOOL DISTRICT
SCHEDULE OF AVERAGE DAILY ATTENDANCE

Final Report
Second Period Annual
Revised Report Report
Regular ADA
Transitional kindergarten through third 8,775.51 8,780.65
Fourth through sixth 7,408.00 7,407.58
Seventh and eighth 5,195.30 5,197.30
Ninth through twelfth 10,023.08 9,993.42
Total Regular ADA 31,401.89 31,378.95
Extended Year Special Education

Transitional kindergarten through third 5.23 5.23
Fourth through sixth 4.93 4.93
Seventh and eighth 3.02 3.02
Ninth through twelfth 6.10 6.01
Total Extended Year Special Education 19.28 19.19
Special Education, Nonpublic, Nonsectarian Schools

Transitional kindergarten through third 0.92 0.93
Total Special Education, Nonpublic, Nonsectarian
Schools 24.74 23.39
Extended Year Special Education, Nonpublic, Nonsectarian Schools

Transitional kindergarten through third - -
Total Extended Year Special Education, Nonpublic,
Nonsectarian Schools 2.38 2.38
Total ADA 31,448.29 31,423.91
76
SCHEDULE OF INSTRUCTIONAL TIME

Number
1986-87 2016-2017 of Days
Minutes Actual Traditional
Grade Level Requirement Minutes Calendar Status
Kindergarten 36,000 36,073 180 Complied
Grades 1 - 3
Grades 1 50,400 52,740 180 Complied
Grades 4 - 6
Grades 7 - 8
Grades 9 - 12
Grades 10 64,800 65,550 180 Complied
Grades 11 64,800 65,550 180 Complied
Grades 12 64,800 65,550 180 Complied
77
RECONCILIATION OF ANNUAL FINANCIAL AND BUDGET REPORT WITH

AUDITED FINANCIAL STATEMENTS
Summarized below are the reconciliations between the Unaudited Actual Financial Report, and the audited
financial statements.
FORM DEBT
Total long-term liabilities, June 30, 2017, Unaudited Actuals $ 762,068,713
Increase (decrease) in
General obligation bond (5,387,602)
Other postemployment benefits (468,182)
Net pension liability 57,998,789
Total long-term liabilities, June 30, 2017, Audited Financial Statement $ 814,211,718
78
SCHEDULE OF FINANCIAL TRENDS AND ANALYSIS

(Budget)
2018 2017 2016 2015
GENERAL FUND
Revenues $ 330,049,757 $ 331,594,666 $ 328,419,390 $ 282,408,706
Other sources and transfers in - 475,000 299,445 1,758,143
Total Revenues
and Other Sources 330,049,757 332,069,666 328,718,835 284,166,849
Expenditures 322,335,713 325,307,081 307,130,417 277,563,335
Other uses and transfers out 3,100,649 3,455,582 3,068,800 4,503,718
Total Expenditures
and Other Uses 325,436,362 328,762,663 310,199,217 282,067,053
INCREASE (DECREASE)
IN FUND BALANCE $ 4,613,395 $ 3,307,003 $ 18,519,618 $ 2,099,796
ENDING FUND BALANCE $ 63,664,986 $ 59,051,591 $ 57,883,844 $ 37,264,430
2
AVAILABLE RESERVES $ 34,858,699 $ 31,461,985 $ 33,172,972 $ 26,122,140
AVAILABLE RESERVES AS A
PERCENTAGE OF TOTAL OUTGO 10.71% 9.57% 10.69% 9.26%
LONG-TERM DEBT $ 799,517,288 $ 814,211,718 $ 772,346,110 $ 728,675,197
K-12 AVERAGE DAILY
ATTENDANCE AT P-2 31,565 31,448 31,369 31,062
The General Fund balance has increased by $21,787,161 million over the past two years. The fiscal year 2017-
2018 budget projects an increase of $4,613,395 million (or 8 percent). For a district this size, the State
recommends available reserves of at least 2 percent of total General Fund expenditures, transfers out, and other
uses (total outgo).
The District has incurred an operating surplus in the past three years and anticipates incurring an operating surplus
during the 2017-2018 fiscal year. Total long-term obligations have increased by $85.5 million over the past two
years, mainly due to the issuance of General Obligation Bonds and pension liabilities.
Average daily attendance has increased by 386 over the past two years. Additional growth of 117 ADA is
anticipated during fiscal year 2017-2018.
1 Budget 2018 is included for analytical purposes only and has not been subjected to audit.
2 Available reserves consist of unassigned fund balance and fund designated for economic uncertainty contained within the General Fund.
79
NON-MAJOR GOVERNMENTAL FUNDS

COMBINING BALANCE SHEET
JUNE 30, 2017
Total
Special Reserve Capital Non Major
Cafeteria Non-Capital Facilities Governmental
Fund Fund Fund Funds
ASSETS
Deposits and investments $ 319,586 $ 6,044,830 $ 4,989,954 $ 11,354,370
Receivables 157,118 - 9,524 166,642
Due from other funds 143,132 11,675 - 154,807
Stores inventories 95,575 - - 95,575
Total Assets $ 715,411 $ 6,056,505 $ 4,999,478 $ 11,771,394
LIABILITIES AND
FUND BALANCES
Liabilities:
Accounts payable $ 540,824 $ - $ 1,279 $ 542,103
Due to other funds 7,239 7,503 34,920 49,662
Total Liabilities 548,063 7,503 36,199 591,765
Fund Balances:
Nonspendable 95,575 - - 95,575
Restricted 71,773 - 4,963,279 5,035,052
Committed - 6,049,002 - 6,049,002
Total Fund Balances 167,348 6,049,002 4,963,279 11,179,629
Total Liabilities and
Fund Balances $ 715,411 $ 6,056,505 $ 4,999,478 $ 11,771,394
See accompanying note to supplementary information
80
NON-MAJOR GOVERNMENTAL FUNDS

COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
Total
Special Reserve Capital Nonmajor
Cafeteria Non-Capital Facilities Governmental
Fund Fund Fund Funds
REVENUES
Federal sources $ 772,480 $ - $ - $ 772,480
Other state sources 32,355 - - 32,355
Other local sources 5,435,996 50,220 1,294,927 6,781,143
Total Revenues 6,240,831 50,220 1,294,927 7,585,978
EXPENDITURES
Current
Pupil services:
Food services 6,691,128 - - 6,691,128
Administration:
All other administration - - 8 8
Plant services - - 1,062,706 1,062,706
Facility acquisition and construction - - 68,721 68,721
Debt service
Principal 87,415 - - 87,415
Interest 4,693 - - 4,693
Total Expenditures 6,783,236 - 1,131,435 7,914,671
Excess (Deficiency) of
Revenues Over Expenditures (542,405) 50,220 163,492 (328,693)
Transfers in 571,644 933,893 - 1,505,537
Transfers out - (475,000) - (475,000)
Net Financing Sources (Uses) 571,644 458,893 - 1,030,537
NET CHANGE IN FUND
BALANCES 29,239 509,113 163,492 701,844
Fund Balance - Beginning 138,109 5,539,889 4,799,787 10,477,785
Fund Balance - Ending $ 167,348 $ 6,049,002 $ 4,963,279 11,179,629
See accompanying note to supplementary information
81
NOTE TO SUPPLEMENTARY INFORMATION

JUNE 30, 2017
NOTE 1 - PURPOSE OF SCHEDULES
Schedule of Expenditures of Federal Awards
The accompanying schedule of expenditures of Federal awards includes the Federal grant activity of the District
and is presented on the modified accrual basis of accounting. The information in this schedule is presented in
accordance with the 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). Therefore,
some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the
financial statements. The District has not elected to use the ten percent de minimis cost rate as covered in Section
200.414 Indirect (F&A) costs of the Uniform Guidance.
The following schedule provides reconciliation between revenues reported on the Statement of Revenues,
Expenditures and Changes in Fund Balance and the related expenditures reported on the Schedule of Expenditures
of Federal Awards.
CFDA
Number Amount
Description
Total Federal Revenues Statement of Revenues, Expenditures
and Changes in Fund Balance: $ 7,115,547
Commodities received 10.555 212,164
Total Schedule of Expenditures of Federal Awards $ 7,327,711
Local Education Agency Organization Structure
This schedule provides information about the District's boundaries and schools operated, members of the
governing board, and members of the administration.
Schedule of Average Daily Attendance (ADA)
Average daily attendance (ADA) is a measurement of the number of pupils attending classes of the District. The
purpose of attendance accounting from a fiscal standpoint is to provide the basis on which apportionments of
State funds are made to school districts. This schedule provides information regarding the attendance of students
at various grade levels and in different programs.
Schedule of Instructional Time
The District has received incentive funding for increasing instructional time as provided by the Incentives for
Longer Instructional Day. The District neither met nor exceeded its target funding. This schedule presents
information on the amount of instructional time offered by the District and whether the District complied with the
provisions of Education Code Sections 46200 through 46206.
Districts must maintain their instructional minutes at the 1986-87 requirements, as required by Education Code
Section 46201.
82
NOTE TO SUPPLEMENTARY INFORMATION

JUNE 30, 2017
NOTE 1 - PURPOSE OF SCHEDULES (Continued)
Reconciliation of Annual Financial and Budget Report with Audited Financial Statements
This schedule provides the information necessary to reconcile the fund balance of all funds reported on the
Unaudited Actual Financial Report to the audited financial statements.
Schedule of Financial Trends and Analysis
This schedule discloses the District's financial trends by displaying past years' data along with current year budget
information. These financial trend disclosures are used to evaluate the District's ability to continue as a going
concern for a reasonable period of time.
Non-Major Governmental Funds - Balance Sheet and Statement of Revenues, Expenditures and Changes
in Fund Balances
The Non-Major Governmental Funds Combining Balance Sheet and Combining Statement of Revenues,
Expenditures and Changes in Fund Balances is included to provide information regarding the individual funds
that have been included in the Non-Major Governmental Funds column on the Governmental Funds Balance
Sheet and Statement of Revenues, Expenditures, and Changes in Fund Balances.
83
SUPPLEMENTARY INFORMATION - UNAUDITED
84
ASSESSED VALUATION OF TAXABLE PROPERTIES AND SECURED TAX

CHARGES AND DELINQUENCIES WITHIN THE SAN RAMON VALLEY UNIFIED
SCHOOL DISTRICT BOUNDARIES - UNAUDITED
Assessed Valuation $ 44,861,947,607

Less: Exemptions (581,277,841)
Total 2016-2017 Assessed Valuation $ 44,280,669,766
See accompanying note to supplementary information - unaudited.
85
NOTE TO SUPPLEMENTARY INFORMATION - UNAUDITED

JUNE 30, 2017
Assessed Valuation of Taxable Properties and Secured Tax Charges and Delinquencies within the San
Ramon Valley Unified School District Boundaries – Unaudited
As part of the District's continuing disclosure certification of reporting to official depositories the assessed
valuation of taxable properties and secured tax charges and delinquencies within the San Ramon Valley Unified
School District's boundaries have been presented. This information was prepared by the Auditor/Controller's
Office of Contra Costa County. We have not audited this information and therefore, do not express an opinion on
this information.
86
INDEPENDENT AUDITOR'S REPORTS
87
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
Governing Board
We have audited, in accordance with the 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 San Ramon Valley Unified School District (the District) as
of and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively
comprise San Ramon Valley Unified School District's basic financial statements, and have issued our report
thereon dated December 11, 2017.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered San Ramon Valley Unified
School District’s internal control over financial reporting (internal control) to determine the 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 opinion on the effectiveness of San Ramon Valley Unified School District's
internal control. Accordingly, we do not express an opinion on the effectiveness of San Ramon Valley Unified
School District’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 a reasonable possibility that a material misstatement of the District's financial statements
will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a
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 may exist that have not been
identified.
88
Compliance and Other Matters
As part of obtaining reasonable assurance about whether San Ramon Valley Unified School District'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 determination of financial statement amounts. 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 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 District'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 District's internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
December 11, 2017
89
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR
EACH MAJOR PROGRAM AND ON INTERNAL CONTROL
OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
Governing Board
Report on Compliance for Each Major Federal Program
We have audited San Ramon Valley Unified School District's compliance with the types of compliance
requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of
San Ramon Valley Unified School District's (the District) major Federal programs for the year ended June 30,
2017. San Ramon Valley Unified School District's major Federal programs are identified in the summary of
auditor's results section of the accompanying schedule of findings and questioned costs.
Management's Responsibility
Management is responsible for compliance with the federal statutes, regulations, and the terms and conditions of
its Federal awards applicable to its Federal programs.
Our responsibility is to express an opinion on compliance for each of San Ramon Valley Unified School District's
major Federal programs based on our audit of the types of compliance requirements referred to above. We
conducted our audit of compliance in accordance with auditing standards generally accepted in the United States
of America; 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). Those standards and the Uniform Guidance require that we plan and
perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance
requirements referred to above that could have a direct and material effect on a major Federal program occurred.
An audit includes examining, on a test basis, evidence about San Ramon Valley Unified School District's
compliance with those requirements and performing such other procedures as we considered necessary in the
circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major Federal
program. However, our audit does not provide a legal determination of San Ramon Valley Unified School
District's compliance.
90
Opinion on Each Major Federal Program
In our opinion, San Ramon Valley Unified School District complied, in all material respects, with the types of
compliance requirements referred to above that could have a direct and material effect on each of its major
Federal programs for the year ended June 30, 2017.
Report on Internal Control Over Compliance
Management of San Ramon Valley Unified School District is responsible for establishing and maintaining
effective internal control over compliance with the types of compliance requirements referred to above. In
planning and performing our audit of compliance, we considered San Ramon Valley Unified School District's
internal control over compliance with the types of requirements that could have a direct and material effect on
each major Federal program to determine the auditing procedures that are appropriate in the circumstances for the
purpose of expressing an opinion on compliance for each major Federal program 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 internal control over compliance. Accordingly, we do not express an opinion on
the effectiveness of San Ramon Valley Unified School District's 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 first paragraph
of this section and was not designed to identify all deficiencies in internal control over compliance that might be
material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over
compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
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.
December 11, 2017
91
INDEPENDENT AUDITOR'S REPORT ON STATE COMPLIANCE
Governing Board
Report on State Compliance
We have audited San Ramon Valley Unified School District's compliance with the types of compliance
requirements as identified in the 2016-2017 Guide for Annual Audits of K-12 Local Education Agencies and State
Compliance Reporting that could have a direct and material effect on each of the San Ramon Valley Unified
School District's State government programs as noted below for the year ended June 30, 2017.
Management's Responsibility
Management is responsible for compliance with the requirements of State laws, regulations, and the terms and
conditions of its State awards applicable to its State programs.
Our responsibility is to express an opinion on compliance of each of the San Ramon Valley Unified School
District's State programs based on our audit of the types of compliance requirements referred to above. We
conducted our audit in accordance with auditing standards generally accepted in the United States of America; the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States; and the 2016-2017 Guide for Annual Audits of K-12 Local Education Agencies and
State Compliance Reporting. These standards require that we plan and perform the audit to obtain reasonable
assurance about whether noncompliance with the compliance requirements referred to above that could have a
material effect on the applicable government programs noted below. An audit includes examining, on a test basis,
evidence about San Ramon Valley Unified School District's compliance with those requirements and performing
such other procedures as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinions. Our audit does not provide a legal determination of San Ramon Valley Unified
School Districts compliance with those requirements.
Basis for Qualified Opinion on Unduplicated Local Control Funding Formula Pupil Counts
As described in the accompanying schedule of findings and questioned costs, San Ramon Valley Unified School
District did not comply with requirements regarding Unduplicated Local Control Funding Formula Pupil Counts.
Compliance with such requirements is necessary, in our opinion, for San Ramon Valley Unified School District to
comply with the requirements applicable to that program.
Qualified Opinion
In our opinion, except for the noncompliance described in the Basis for Qualified Opinion paragraph, San Ramon
Valley Unified School District complied, in all material respects, with the types of compliance requirements
referred to above for the year ended June 30, 2017.
92
Unmodified Opinion On Each of the Other Programs
In our opinion, San Ramon Valley Unified School District complied, in all material respects, with the compliance
requirements referred to above that are applicable to the government programs noted below that were audited for
the year ended June 30, 2017, except as described in the Schedule of State Awards Findings and Questioned Costs
section of the accompanying Schedule of Findings and Questioned Costs.
In connection with the audit referred to above, we selected and tested transactions and records to determine the
San Ramon Valley Unified School District's compliance with the State laws and regulations applicable to the
following items:
Procedures
Performed
LOCAL EDUCATION AGENCIES OTHER THAN CHARTER SCHOOLS
Attendance Yes
Teacher Certification and Misassignments Yes
Kindergarten Continuance Yes
Independent Study Yes
Continuation Education No, see below
Instructional Time Yes
Instructional Materials Yes
Ratios of Administrative Employees to Teachers Yes
Classroom Teacher Salaries Yes
Early Retirement Incentive No, see below
Gann Limit Calculation Yes
School Accountability Report Card Yes
Juvenile Court Schools No, see below
Middle or Early College High Schools No, see below
K-3 Grade Span Adjustment Yes
Transportation Maintenance of Effort Yes
Mental Health Expenditures Yes
SCHOOL DISTRICTS, COUNTY OFFICES OF EDUCATION, AND

CHARTER SCHOOLS
Educator Effectiveness Yes
California Clean Energy Jobs Act Yes
After School Education and Safety Program:
General Requirements No, see below
After School No, see below
Before School No, see below
Proper Expenditure of Education Protection Account Funds Yes
Unduplicated Local Control Funding Formula Pupil Counts Yes
Local Control Accountability Plan Yes
Independent Study - Course Based No, see below
Immunizations Yes
CHARTER SCHOOLS
Attendance No, see below
Mode of Instruction No, see below
Non Classroom-Based Instruction/Independent Study for Charter Schools No, see below
Determination of Funding for Non Classroom-Based Instruction No, see below
Annual Instruction Minutes Classroom-Based No, see below
93
Procedures
Performed
Charter School Facility Grant Program No, see below
The Continuation Education program was not audited because the reported ADA was below the materiality
testing thresholds as outlined in the 2016-2017 Guide for Annual Audits of K-12 Local Education Agencies and
State Compliance.
The District did not offer an Early Retirement Incentive Program during the current year; therefore, we did not
perform procedures related to the Early Retirement Incentive Program.
The District does not have any Juvenile Court Schools; therefore, we did not perform any procedures related to
Juvenile Court Schools.
The District does not offer a Middle or Early High Schools program; therefore, we did not perform any
procedures related to Middle or Early High School program.
The District does not offer an After School Education and Safety Program; therefore, we did not perform any
procedures related to this program.
The District does not offer an Independent Study-Course Based program, therefore, we did not perform
procedures related to this program.
The District does not have any Charter Schools; therefore, we did not perform any procedures for Charter School
Programs.
San Ramon Valley Unified School District’s Response to Findings
San Ramon Valley Unified School District’s response to the findings identified in our audit are described in the
accompanying State Awards Findings and Questioned Costs. San Ramon Valley Unified School District’s
response was not subjected to the auditing procedures applied in the audit of the financial statements and,
accordingly, we express no opinion on it.
December 11, 2017
94
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
95
SUMMARY OF AUDITOR'S RESULTS

FINANCIAL STATEMENTS
Type of auditor's report issued: Unmodified
Internal control over financial reporting:
Material weakness identified? No
Significant deficiency identified? None reported
Noncompliance material to financial statements noted? No
FEDERAL AWARDS
Internal control over major Federal programs:
Material weakness identified? No
Significant deficiency identified? None reported
Type of auditor's report issued on compliance for major Federal programs: Unmodified
Any audit findings disclosed that are required to be reported in accordance with
Section 200.516(a) of the Uniform Guidance? No
Identification of major Federal programs:
CFDA Number(s) Name of Federal Program or Cluster

84.173, 84.173A, 84.027,
84.027A Special Education Cluster
Dollar threshold used to distinguish between Type A and Type B programs: $ 750,000
Auditee qualified as low-risk auditee? Yes
STATE AWARDS
Type of auditor's report issued on compliance for programs:
Unmodified for all programs except for the following
program which was qualified:
Name of Program
Unduplicated Local Control Funding Formula Pupil Counts
96
FINANCIAL STATEMENT FINDINGS

None reported.
97
FEDERAL AWARD FINDINGS AND QUESTIONED COSTS

None reported.
98
STATE AWARD FINDINGS AND QUESTIONED COSTS

The following findings represent instances of noncompliance and/or questioned costs relating to State Program
laws and regulations. The findings have been code as follows:
Five Digit Code AB 3627 Finding Type

40000 State Compliance
2017-001 Unduplicated Local Control Funding Formula Pupil Counts (40000)
Criteria or Specific Requirements

Per Education code 42238.02(b)(1), a pupil enrolled in a school district shall be counted as
unduplicated pupil if any of the following apply:
A. The pupil is eligible for a free or reduced-priced meal
B. The pupil is an English learner
C. The pupil is foster youth
Unduplicated pupil counts are used to determine the School District’s eligibility for additional
funding pursuant to Local Control Funding Formula.
Condition
During our testing, we noted that two students who were reported on CALPADS as English Learner
did not meet the criteria as an English Learner.
Questioned Costs
None.
Context
The District reported 1,651 English Learners on CALPADS.
Effect
Number reported on CALPADS was incorrect, see audit adjustment below:
FRPM EL FRP and EL

LEA's Certified - Total
Unduplicated Pupil Count 1,222 1,651 2,680
Audit Adjustment - (2) -
Audited 1,222 1,649 2,680
Cause
The EL students are still being assessed after the CalPADs number has been submitted. It has to be
revised when the Ed Services team notifies the person who submits CalPADs. Two student
assessments were never communicated to that person.
Recommendation
We recommend the District review its procedures to ensure that English Learners are properly
classified.
99
STATE AWARD FINDINGS AND QUESTIONED COSTS

Corrective Action Plan
Our plan is to give a CalPADs report back to the Ed Services department, asking them to verify the
submission before the final deadline for CalPADs updates. Any assessments after that will be
identified as subsequent year changes.
100
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS

There were no audit findings reported in the prior year's schedule of financial statement findings.
101

SRVUSD Audited Financials 2017

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SRVUSD Audited Financials 2017

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SAN RAMON VALLEY

UNIFIED SCHOOL DISTRICT

ANNUAL FINANCIAL REPORT

REQUIRED SUPPLEMENTARY INFORMATION

UNAUDITED SUPPLEMENTARY INFORMATION

INDEPENDENT AUDITOR'S REPORTS

SCHEDULE OF FINDINGS AND QUESTIONED COSTS

Report on the Financial Statements

Management's Responsibility for the Financial Statements

Required Supplementary Information

MANAGEMENT'S DISCUSSION AND ANALYSIS

OVERVIEW OF THE FINANCIAL STATEMENTS

REPORTING THE DISTRICT AS A WHOLE

The Statement of Net Position and the Statement of Activities

MANAGEMENT'S DISCUSSION AND ANALYSIS

REPORTING THE DISTRICT'S MOST SIGNIFICANT FUNDS

Fund Financial Statements

MANAGEMENT'S DISCUSSION AND ANALYSIS

THE DISTRICT AS TRUSTEE

Reporting the District's Fiduciary Responsibilities

THE DISTRICT AS A WHOLE

Current and other assets $ 244,242,893 $ 261,060,048

MANAGEMENT'S DISCUSSION AND ANALYSIS

MANAGEMENT'S DISCUSSION AND ANALYSIS

Net Cost of Services

THE DISTRICT'S FUNDS

The primary changes are:

MANAGEMENT'S DISCUSSION AND ANALYSIS

General Fund Budgetary Highlights

CAPITAL ASSET & DEBT ADMINISTRATION

Land $ 336,607,628 $ 336,607,628

MANAGEMENT'S DISCUSSION AND ANALYSIS

Major Projects completed in 2016-17:

Site Project Amount

MANAGEMENT'S DISCUSSION AND ANALYSIS

Net Pension Liability (NPL)

SIGNIFICANT ACCOMPLISHMENTS OF FISCAL YEAR 2016-17 ARE NOTED BELOW:

MANAGEMENT'S DISCUSSION AND ANALYSIS

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES

The key assumptions in our revenue projections were:

 LCFF Gap Funding of 43.97%.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The key assumptions in our expenditure forecast are:

CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT

STATEMENT OF NET POSITION

DEFERRED OUTFLOWS OF RESOURCES

DEFERRED INFLOWS OF RESOURCES

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

Bond Interest Non Major Total

The accompanying notes are an integral part of these financial statements.

RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET

Total Fund Balance - Governmental Funds $ 223,686,160

The accompanying notes are an integral part of these financial statements.

Bond Interest Non Major Total

NET CHANGE IN FUND BALANCES 3,307,003 (27,426,646) 1,536,293 701,844 (21,881,506)

The accompanying notes are an integral part of these financial statements.

RECONCILIATION OF THE GOVERNMENTAL FUNDS

Total Net Change in Fund Balances - Governmental Funds $ (21,881,506)

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

RECONCILIATION OF OPERATING INCOME TO NET CASH

The accompanying notes are an integral part of these financial statements.