Audit report detailed
By David Meade – Greene, Finney and Horton Auditor Ken Meadows presented the following information on the School District One annual audit for the period ending June 30, 2016: Meadows reported to the District One School Board last week that the District received an “Unmodified Opinion” which is “the best opinion the school district can receive.”
According to Meadows, highlights from the audit showed the General Fund Balance increased by $2.7 million to $14.1 million. The Local Option Sales Tax generated $6.8 million for the district. Of that, $1.3 million went to Debt Service and $5.5 million Capital Projects. Meadows said the District has an unassigned fund balance of $13.9 million which is 21 percent of budgeted expenditures for 2017. The GFOA recommend a minimum of 16.7 percent, or two months. Meadows said District One was below that minimum in 2013-14, right at it in 2015 and 2016 is above. “It is a good trend to recover,” he said.
General Fund revenues were higher than budgeted for 2016 at $62.7 million, primarily from an increase in property taxes of $572,000 to $18 million total. State funding increased by $2.3 million to $43.9 million. The remainder of the GF revenues amounted to $728,000 from other sources.
The District had revenues of $1.6 million more than was budgeted: $964,000 in state government, $303,000 in property taxes and $293,000 other revenues.