External auditors once again reported no deficiencies or weaknesses in internal controls over the District’s financial processes during the course of the District’s annual audit. “We continue to provide the oversight, controls, and effective practices that guarantee our financial resources are allocated appropriately in support of our strategic goals for academic programming and ensuring effective organizational systems and structures are in place,” said Executive Director for Finance and Management Services Alicia Koster.
In a letter posted on the Finance and Management Services webpage with the audit report, Koster noted the following key indicators of the District’s strong financial position:
- “The Board of Education and District Administration continue to utilize our long range planning process to strategically ensure our school district is financially stable for the long term. This has allowed us to maximize our fund balance dollars that can be used to offset any potential negative impacts to our financial plan (i.e. decreases in State Aid, unexpected emergencies, uncontrollable cost increases) and protect the high-quality program and opportunities we offer our students. For the 2018-2019, fiscal year due to our financial performance, we were able to maintain a maximum 4% unassigned fund balance as allowed by Law.
- The District replenished our reserve balances by distributing approximately $4.0 million into these reserves established for various legal purposes. Our reserves are another avenue that can be used to offset increased expense in the current year’s operating budget.
- Total assets are four (4) times greater than our total liabilities.”