Anderson School District One sees $3.1 million increase in Fund Balance

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During the Anderson School District One meeting Tuesday, auditor Ken Meadows, of Green, Finney and Cauley Accounting, reported that Anderson School District One received an “Unmodified Opinion” on their financial statements which is “the best you can get”.
The District fund balance increased by $3.1 million to $25.5 million. The non-spendable fund balance for inventory and prepaids has $600,000 in it.
The unassigned fund balance of $24.9 million is 29 percent of 2022 expenditures and 26 percent of 2023 budgeted expenditures. Meadows said the GFOA recommends a minimun of 16.7 percent, or two months of expenditures, be kept in the fund balance.
General Fund revenues were up by $5.4 million and expenses were up by $4.08 million, primarily from support service salaries and benefits of $2 million. There was a $1.4 million increase in capital outlay and $800,000 increase in debt service. There was a $400,000 decrease in instruction salaries and benefits which were funded through special revenue received from the State. The General Fund had a $3.8 million transfer for EIA teacher raise and indirect costs.
The District saw a $24.7 million increase in capital assets due to the recently completed building program.
Long term obligations decreased by $6.9 million. Principal payments are $6.9 million for 2022. Total debt service payments for 2023 are expected to be $10.4 million. The district also issued a $24.4 million GO refunding and improvement bond in September.
Meadows said the District did have a compiliance issue related to the accrual for health and dental benefits which was adjusted. The management letter also pointed out the lack of segregation duties regarding school bookkeepers and added that the cost/benefits (of adding personnel) doesn’t make sense.
“The district is in very good financial condition as of the year end,” Meadows said. “The audit went well.”