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November 14, 2013

Board received A+ audit

LAUREL COUNTY, Ky. —

The Laurel County Board of Education received high marks Monday night as they were presented with the findings of their 2012-2013 audit.

Madgel Miller of Wallace Smallwood CPA presented the board with the findings..

“You do have a clear opinion,” Miller said.  “You have an unmodified opinion which is what you want to get in these audits and it is what you received.”

Miller went on to review the audit, touching on the key points.

In the district’s government wide financial statements, which include governmental activities and business activities, the district saw a net position or formerly called net assets of $68.4 million.

The profit or loss statement, also called the statement of revenue expenditures and changes in fund balance, had a net change in governmental funds of $5.3 million. 

Proprietary funds, which cover food services and enterprise funds, saw a negative $118,773 change, however their net assets remained high at $9.4 million.

“You did not have any financial statement findings or federal reward findings for your district,” Miller said.  “This year, you had a single audit because you received more than $500,000 in grant money.  We do a very extensive audit with grant money and we did not have any findings for the district.”

Miller then went on to review the activity funds, which are bank accounts for each public school in Laurel County.

“We didn’t have any findings in your activity funds either,” Miller said.  “Laurel County has 15 schools and two high schools with bank accounts.  That’s pretty phenomenal. In the elementary schools alone you have quite a bit of money going through and to not have a single finding with that much money going through all these individual schools says a lot about your financial staff and the wonderful job they do.”

Miller also informed the board she and her staff conducted the audit with the 2013-2014 Redbook changes in mind and were still unable to come up with any findings.

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