Osakis School District receives clean audit
The Osakis School District received a clean audit report from Mary Reedy, of Clifton/Larson/Allen LLP for the year ending June 30, 2017.
Reedy told the Osakis School Board at its Monday, Nov. 13 meeting the district received a clean opinion, "the highest an auditor can give to a school district."
Revenues for the audit year for the General Fund were $8,553,562, which were over projected budget, Reedy said, while the total budgeted expenditures of $8,208,550 were under budget.
Reedy complimented the School District for maintaining a five-month operating reserve, noting that state policy recommends districts have a two-month reserve of funds.
The audit included the Food Service Fund, as well as the Community Service Fund.
Food Service total revenue for 2017 was $425,938, while total expenditures were $412,455.
Community Service Fund had total revenues for 2017 of $226,144, with total expenditures of $238,905. This program includes the Early Childhood Family Education, preschool and the Latchkey program. Each year the school district transfers $40,000 into the Community Service Fund from the General Fund.
A breakdown of the sources of revenues for Osakis School District shows that 74 percent of the revenue came from the state of Minnesota, at $7,685,506.
Reedy commented, "You are a little bit more state-funded than most school districts."
Federal funding was 5 percent, or $494,975. Local property tax levy revenue was $1,677,261, or 16 percent.
Making up the remainder of revenues were sales and other conversion of assets, at 2 percent, and other local and county funds at 3 percent.
Reedy pointed out that 40 percent of the budget was spent for regular instruction, at $3,977,452. Special Education instruction, and fiscal and other fixed costs each made up 15 percent of the expenditures, with pupil support services at 10 percent; site, buildings and equipment, 8 percent; administration 5 percent; district support services 2 percent; Community Education and services 2 percent; and instructional support services 1 percent.
Non-resident students for 2017 dropped from 250 the preceding year to 233 this reporting year, to 29 percent of the student body. Resident students for 2017 totaled 576, or 71 percent of the student body. Average daily membership for 2017 was 809 pupil units; a slight drop from 2016, which was 891 PPU.
Supt. Randy Bergquist told the School Board, "I am pretty happy about the clean audit. It is a real credit to the office staff."