SuperSpud

Moorhead Area Public Schools' District Blog

Audit report shows district budgeted well for 2009-10 school year

The Moorhead School Board learned that differences between the original budget, final budget, and actual revenue and expenditures for the 2009-10 school year were very close.

Brian Stavenger, Eide Bailly LLP, presented the district’s 2009-10 annual financial report to the board at the Nov. 8 meeting. The report provides an overview of the district’s finances and demonstrates the district’s accountability for the money it receives.

According to the audit, total revenues budgeted were $50.2 million and actual revenue was $49.7 million with a difference of only 1 percent or $514,152.

For expenditures the district had budgeted $48.69 million. Actual expenditures were $48.74 million for a difference of $36,701 or .1 percent.

According to Stavenger, those variances are very small. “The district was right on for revenues and expenditures,” he said.

The district had a balanced budget for 2009-10.

Stavenger also reminded board members how the general education aid payment delays are affecting the district. Previously the district received 90 percent of its general education aid in the current fiscal year, with the remaining 10 percent paid the following year. However, that changed to 73/27 for 2009-10 and will be 70/30 for 2010-11.

“At the end of fiscal year 2010 you still have left to receive — so the state has not yet paid you — $8.9 million. That represents about 27.7 percent of the total,” he said.

No reportable conditions were found during the audit, Stavenger said. The report indicated that the district complied with applicable state and federal requirements.

“It’s clear fiscal responsibility,” said School Board member Bill Tomhave. “In this time of tight assets, we’re seeing expenditures being controlled.”

The complete audit and the executive summary are available on the district’s website at www.moorhead.k12.mn.us.

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