Local News
Audit shows schools financially strong
District in the black despite temporary shortfall caused by construction
The annual audit of Laurel County schools shows the district stands on sound financial ground, with just a few errors or gaps in procedure made at some schools this year.
Christian, Sturgeon & Associates submitted the audit to School Board members Monday.
“Our current financial position is strong and our budget for Fiscal Year 2009 is solid and supports the educational needs of the students the district serves,” it reads.
Superintendent David Young responded, “this good standing is attributed to this current board and past boards maintaining it,” he said. “This has left us in good financial standing with the current state of the economy as it is.”
Numbers show the district had $133 million in assets this year, and $78 million in liabilities, resulting in net assets of $54.7 million. Those net assets are largely land and building investments.
The district received $84 million in revenue this year, but spent about $104 million. The shortfall is due to construction at South Laurel middle and high schools.
“In 2007, we had $17 million in excess,” Business Manager Jim Kennedy said. “This year, we’re $19 million short. We received the bond money one year, we spent it the next.”
The report shows 45 percent of expenditures were spent on instruction. An additional 17 percent was spent on building renovations and additions.
The audit contends things will continue to look good for area schools.
“The economic forecast for the London/Laurel County area continues to be strong,” the report states.
Comments made at the back of the report outline some errors that were made at individual schools.
Sublimity Elementary was cited for six of the 10 infractions listed, including one instance of a deposit being made in an untimely fashion; one instance when a paid invoice was not signed by the principal; one instance where a purchase order was prepared after an invoice date; and one instance in which an invoice was not properly canceled. The other infractions involve lack of signatures on certain invoices.
Johnson and Keavy elementary schools were also cited for more than one infraction.
“These infractions are a concern but these are not the type of infractions that would financially impact the entire district in a negative way,” Young said. “With each of these infractions, I sent a letter to the principal saying they were found and the principal wrote a response that was given to the board. I do plan to address this as a whole in a principal’s meeting.”
Staff writer Tara Kaprowy can be reached by e-mail at tkaprowy@sentinel-echo.com.
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