Audit
2008-09 Audit: Once Again District Displays Good Budget Planning
Matt Mayer and Janel Bitzan from the auditing firm of Kern, DeWenter, Viere (KDV) presented the district’s 2008-09 audit report at the October 26, 2009 Board Meeting. Mayer began by saying Chuck Klaassen and Tina Burkholder did a nice job, well prepared and organized so the audit went very smoothly. They gave them an unqualified opinion, which is a clean opinion; the best opinion the firm can give. The numbers that were provided represented a true picture of the district’s financial position.
Actual revenue for 2008-09 was $51.9 million; $1 million better than expected from the revised budget. The revenue increase was because of Microsoft monies, third party medical assistance payments, federal special education, and state general education aid. Actual expenses for the district were $50.4 million. This was $798 thousand less than projected, primarily because of utility savings.
While the district went through a year of cost containment measures (2007-08) and a year of budget reductions (2008-09), the unreserved/undesignated fund balance increased slightly by $22,624 to $4.26 million or 8.44 percent of expenditures. This is comparable to the 2007-08 unreserved/undesignated fund balance of 8.5 percent of expenditures. While the fund balance is better than expected, it is still at the lowest acceptable level of the fund balance policy of 8-12 percent.
Questions about the audit may be directed to Tina Burkholder via email or at 763.682.8704.
Audit Reports:
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.