MT. VERNON — The recent annual audit of District 80's finances for fiscal year 2013 turned up no negative findings, said auditor James Leuty of Krehbiel & Associates.
Leuty gave a report on the audit at a special meeting Tuesday of the District 80 Board of Education's Finance Committee.
For fiscal year 2013, which ended June 30, the district received an overall financial profile score of 3.7, which is in the high range. A perfect score would be 4.0.
“It's a clean audit report,” Leuty said. “District 80 has always done a really fantastic job with its finances.”
As part of his report, Leuty touched on a number of key aspects of the district's financial status.
For example, by the end of fiscal year 2013, the district had close to $8.9 million in cash amongst all its funds. This amount, Leuty said, did not vary much throughout the year.
In addition, the state owed the district roughly $300,000 at the end of that year, compared to about $880,000 owed the previous year.
The audit report also examined the district's revenues and expenditures for the year. By the end of fiscal year 2013, the district had revenues of just under $21 million and expenses totaling roughly $24.5 million.
The expense amount had increased from the prior year's total of $20.4 million. School officials say $3 million of this increase can be attributed to capital expenditures related to the Casey Middle School expansion.
The district's total outstanding debt was at $6.48 million by June 30.
Leuty explained that districts are allowed to have long-term debt totaling 6.9 percent of their equalized assessed valuation. For District 80, the allowable debt would be around $11 million.
Superintendent Mike Green said the lack of any findings in the audit is a positive sign for the district.
“Usually, as a superintendent, you look at if there are any findings,” Green said. “We had no findings and (Leuty) also called it a clean audit. … It's very good news.”
Green also revealed at Tuesday's meeting the district's predicted deficit for the 2013-2014 budget will not be as high as originally thought. Current estimates indicate the district will run a $210,000 deficit instead of a $350,000 one.
This deficit reduction can be attributed to an increase in the district's special education reimbursement from the state, as well as receiving more funding in special education tuition, Green said.
In addition, the district has received its first TIF payment of $14,286 to go toward Casey improvements. Over the next seven years, the district is set to receive $100,000 in local TIF funding for that project.