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School board approves annual audit report

October 16, 2012
By Ilsa Matthes - staff writer (imatthes@dailypress.net) , Daily Press

GLADSTONE - The Gladstone School Board adopted its annual audit report Monday night.

"The school district is required by law to have an annual financial audit done," said Alan Stotz of Anderson, Tackman & Company, PLC, who completed the audit.

According to the report, which will be made available on the school district's website, 75 percent of the revenue in the district comes from state funding and 4 percent comes from federal funding.

The remaining 21 percent of the district's funding comes from local sources. Of the $2,889,067 acquired through local funding, $2,422,327 comes from property taxes.

Slightly more than $1,000,000, roughly 10 percent of the operating budget, is generated by a voter approved 18-mil levy on the taxable value of non-homestead properties. The ballot proposal to renew the 18-mil levy will be voted on on Nov. 6.

"It would mean disaster if it was not renewed," said Board President Jeff Deacon.

Even if the 18-mil levy is renewed, it is difficult to project the amount of money that the district will have next year, because money from the state is given to the district through the foundation allowance, which pays the district $6,846 per student.

"It's tough, because you're in a situation where, without a student count it's difficult to know the answer - to be able to project that," said Stotz.

Fifty-three percent of the district's expenditures are instruction. Support services, which includes the School Lunch Fund and the Athletic Fund, make up 37 percent of expenditures.

It was noted during the audit that cancelled checks were not being reviewed, and that there were outstanding checks over a year old. Journal entries in the general ledger were also not being reviewed.

"We issue a lot of checks and sometimes people just don't cash them for whatever reason," said Board Secretary Linda Howlett. Howlett also said the finance committee had plans for dealing with canceled checks.

Another issue raised by Stotz was that two bank accounts that were not under the control of the school board were using the school's identification number. Both accounts were being used to support the board, however, it was noted that without board control there was added risk.

Overall, Stotz believed that the district was doing well. "Compliments to you guys and your administration as well for doing a good job with the numbers," he said.

 
 

 

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