The Union R-XI School District received a good report from the annual audit, Superintendent Steve Bryant told the school board Wednesday night.
The audit, required annually by the state, was prepared by Mueller, Walla & Albertson, P.C., Crestwood for the fiscal year ending June 30, 2013.
The firm reported no issues or significant findings in any aspects of the district’s financial management, accounting practices or governmental activities.
“A lot of this is due to the preparation for the audit,” Bryant said. “The girls in the office do a fantastic job of getting everything ready for the auditors.”
According to the auditor’s report, fund balances at June 30 were $21,922,330, an increase of $3,870,421 over the prior fiscal year.
The auditors found several factors that contributed to the increase, including an increase in state aid, savings from debt refinancing, sale of property, passage of a no-tax increase bond issue and continued personnel cost savings from the early retirement incentive and personnel restructuring implemented in 2011.
Revenues in the operating and teacher funds were up 2.2 percent, and expenditures in the same areas also were up by 5.3 percent.
The district was able to give a 4 percent salary raise in 2013, which included a step increase and $1,000 increase in the base salary for new teachers.
The district’s debt service fund balance decreased by $6,001,017 to $3,408,180. This fund balance is sufficient to pay 100 percent of the district’s general obligation debt service requirement for 2013-14.
Total revenues of the governmental funds were $30,943,239, or an increase of $552,702 over prior year total revenue. Even though overall state funds have increased, the foundation formula is still being prorated.
Expenditures for the district’s operating funds, both general and teacher’s, increased $1,222,223, or 5.3 percent, over prior year levels and were within the district’s budget estimates.
Outlays for new capital assets were $854,584 during the year, including $834,678 for the outdoor facility project, an increase of $77,122 over the prior fiscal year.
The audit noted that these project expenditures were expended strictly from the district’s capital improvement fund and absolutely no bond proceeds were spent for the project.