T= | SS Pe es se LAKEWOOD STUDENT TRANSPORTATION AUTHORITY FINANCIAL STATEMENTS YEAR ENDED JLNE 30, 2018aS Sm aoe ee — = = LAKEWOOD STUDENT TRANSPORTATION AUTHORITY ‘TABLE OF CONTENTS Independent Aualtors' Report Report on internal Contio! Over Financial Reporting and on ‘Compliance and Other Matters Based on an Ault ofthe Financial Statements Performed in Accordance with Government Auditing ‘Standards Required Supplementary Information ‘Management's Discussion and Analysis Basic Financial Statements ‘Govesnmantauida Financial Statements: ‘Statement of Net Postion and Governmental Funds Balance Sheet ‘Statement of Activities and Governmental Funds Revenves, Expenditures and Changes in Fund Balance/Net Position "Notes othe Basic Financial Statements ‘Supplementary Information ‘Schedule of Revenues, Expenditures, and Changes in Fund ‘Balance ~ Budget to Actual ‘Schedule of Findings 6 7—Ss mee eee ee ee ee oe PKE OCONNOR DAVIES Independent auditors’ Report ‘To the Manayeuvent and Gonsordum Hoard Lakewood Student Transportation Authority, LLC Lakewood, New Jersey Report on the Finarcial Statements ‘We have audited the accompanying financial statements of the governmental activites and each ‘major fund ofthe Lakewood Student Transportation Author (the “Authory’), as of and for the year ended June 20, 208, and the related notes tothe fnancal statements, which colecively Comprise the Author's basic financial statements as sted inthe table of contents Management's Responsibility for the Financial Statements ‘Management is respensibie forthe preparation and fir presentation ofthese financial statements in accordance with accounting principles generally accepted in the United States of America, this Includes the design, implementation, and maintenance of internal contol relevant to the preparation and fer presentation of nancial statements that are free from material misstatement, whether due to fraud or eror. ‘Auditors’ Responsibility (Our responsibilty isto express opinions on the financial statement based on our audit. We Conducted our audit in accordance with auaiting standards generally accepted in the United ‘States of America; aut raqirements as prescribed by the Offce of School Finance, Department of Education, State of New Jersey; and the standards applicable to financial audits contained in Govemment Auditing Standards, issued by the Comptroller Genera of the United States. Those. standards and requirements require that we pian and perform the audit to obtain reasonable ‘ssurance about whefer the nancial statement is free from material misstatement. ‘An audit involves performing procedures to obtain audt evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ Judgment. including the assessment of the risks of material misstatement of the fnancal Statement, whether due o fraud or error. n making those risk assessments, the auctor considers Internal control relevent to the Authoriy’s prenaratinn and fair presentation of the fnencial statement in order to design audit procedures that are appropriate in the cicumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe Authorty's internal contro, ‘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 s evaluating the overall presentation ofthe financial statements, cones Dive Sut 30 Cre B76 | Te 008272620 1 Fix 90272268 | minegatcon RE, Score Ove naman Eman ne et ty ree i et gn ely PR ees cater ape Sy anne