District Receives Clean Audit Report For 2014-15

The Moorhead School Board learned that differences between the original budget, final budget, and actual revenue and expenditures for the 2014-15 school year were close.

Derek Flanagan, Eide Bailly LLP, presented the executive summary of the district’s 2014-15 annual audit report to the board at the Dec. 14 meeting. The report provides an overview of the district’s finances and demonstrates the district’s accountability for the money it receives and spends.

According to the audit, total revenues budgeted were $65.8 million and actual revenue was $65.1 million with a difference of negative 1.1 percent or just over $700,000. The negative variance was due in part to special education aid, which is budgeted conservatively, but this year came in below what was budgeted.

For expenditures the district had budgeted $66.3 million. Actual expenditures were higher at $66.8 million for a difference of about $569,000 or negative 0.9 percent. This negative variance was due to some planned constructions expenses originally budgeted for 2013-14 being moved to the 2014-15 budget. The district, on a cost-per-student basis, continues to spend just below the state average in the areas of administration and regular instruction.

By spending more than budgeted, the district decreased its fund balance by $1.7 million.

The district received a clean, unqualified opinion, which means the financial statements have been prepared using accepted accounting principles and do not contain misstatement.

The complete audit and the executive summary will be available on the district’s website www.moorheadschools.org.