Fri, Nov 20 2009
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Published October 21, 2009 01:33 pm - Metcalfe County school officials received some good news Monday night from the school district’s auditor. School board audit positive By GINA KINSLOW Glasgow Daily Times EDMONTON — Metcalfe County school officials received some good news Monday night from the school district’s auditor.
The school district received an unqualified opinion on its 2008-09 audit, which is the best opinion an auditor can give. Jeff Sprowles with Wise, Buckner and Sprowles and Associates, PLLC, certified public accounts from Campbellsville, met with the Metcalfe County Board of Education Monday night prior to the school boards’ regular monthly meeting to review the audit. “We found no material misstatements or anything as far as the financial statement,” he said. “The district had a pretty solid year. All funds had increases in fund balances for the year; no deficit balances.” The district had a total net assets of more than $7.5 million for the 2008-09 fiscal year, which is an increase of more than $1.7 million compared to the 2007-08 fiscal year. In reviewing the district’s expenses, he pointed out that the bulk of the district’s expenses was in instruction. The district had $15.6 million in expenses, and $8.6 million went for instruction. “I looked back at last year’s audit and it is pretty comparable to last year’s expenses. Actually, percentage wise it went up right under 2 percent for the instruction only expenses for the district, so that’s a good thing,” Sprowles said. As for current resources, the district had a total fund balance in its General Fund of $4.1 million, which he said was an increase of $1.1 million from the previous year. The district also had $380,000 in its Special Revenue Fund, which is the federal and state dollars the district receives, and $240,000 in its Capital Projects Fund, which is a combination of monies in the Building Fund, the Nickel Tax Fund and the Construction Fund, for a total in liabilities and assets of $4.9 million. “So, again a very solid financial statement in the current resource side. We see an increase in all funds,” he said. The district had more than $12.7 million in total revenues for the General Fund and more than $11.4 million in total expenditures for an ending fund balance for the General Fund of more than $4.1 million. As for the Capital Projects Funds, the district took in $185,000 from the nickel tax and had some money come in from the state for a match. “So we did see an increase of $149,954 for the year for the capital project fund,” Sprowles said. The district had a total ending fund balance for all governmental funds of $4.4 million. He commended the district on improvements made in the food service fund, which he said had been a problem in years past but, “I think it’s been figured out and its had a very good year both cash wise and the increase in the fund balance.” “So cash is good,” he said. “The unrestricted amount of fund balance, $107,110, again a pretty sizeable increase from the previous year. So school food services has had a great turn around. I know it’s been worked on hard and the results are showing this year. I guess the district ought to be pretty pleased with that outcome there.” 
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