2015-16 Audit Approved

Janel Bitzan from BerganKDV presented the audit findings at the October 24, 2016 Board Meeting. Overall, the District's financial position continues to be balanced, and expenditures were controlled with lower than expected fuel and utility expenditures, lower than expected tuition costs, and lower than expected salary and benefit costs. The General Fund's final revenues exceeded budget and expenditures were under budget. General Fund revenues came in 2.06% higher than budgeted ($1,232,404), and expenditures were 1.13% under budget ($692,121).

The Business Office has three Dashboard Indicators for our department and all are in the area of Fiscal Responsibility/Accountability. The first is that the district will have an unqualified opinion and the results of the audit are that the district has received an unqualified opinion. The second category is that the district will spend at least 75% of the General Fund expenditures on instructional costs. The district met this target at 75.11% of all costs going into instruction. The third Dashboard Indicator category is to have the final General Fund budget for revenues and expenditures be within 2% of the final results. The combined budget variance for revenues and expenditures is 3.19% and outside the Dashboard target.

With total revenues and other financing sources ending at $61,024,325 and total expenditures and other financing uses at $60,679,186, the General Fund's overall fund balance increased $345,139 to $16,956,734 as of June 30, 2016. The unassigned/nonspendable fund balance ended the 2015-2016 school year at $10,001,876 or 16.48% of the General Fund's expenditures. The fund balance percentage is slightly above the range of our fund balance policy of 8-12% and will buy the District some time before future action is needed if the State continues the same level of funding to school districts.

The Food Service fund balance was self-supporting for 2015-16 and added significantly to its fund balance. The Community Service fund balance went down and will need to be reviewed for 2016-17 and beyond. 

Questions about the audit may be directed to Gary Kawlewski at 763.682.8708.

Audit Reports:

2015-2016 Audit Report

2014-2015 Audit Report

2013-2014 Audit Report

2012-2013 Audit Report

2011-12 Audit Report

Consolidated Financial Reports

The Minnesota Department of Education audits each school district and compiles their data into a Consolidated Financial Report.

The most recent consolidated financial statements are listed below in our resources and downloads.