Quincy School Board pleased with audit findings
7 months ago by Jamie Busen
Fund balances have improved
Quincy School Board member Stephanie Erwin said just about everyone in the District should receive thanks after the District received its recent mostly-positive audit findings.
Erwin, who is also the District's Finance Committee Chair, shared her thoughts with the Board during Wednesday night's monthly meeting. It was the first time most of the Board had a look at the audit, which saw the District bumped from the state's financial watch list.
"Kudos to everyone in the District," Erwin said. "To all the people who helped turn this around."
Playing starring roles in the reason for the move were the District's deficit-reduction plan that's been closely followed and a working-cash bond issue. Each helped eliminate a $2.2 million deficit.
Auditor Valarie Flynn presented her findings to the Finance Committee earlier this week. The District's financial profile improved with a rating of 3.35, up from 2.55 last year.
Erwin said the District has a total fund balance of $14.2 million, which is up millions from last year. The eight findings the auditors noted were "some old, some new" and dealt mostly with coding issues with the state. Another finding dealt with the segregation duties of Special Education Services and QPS and the way the financials are handled. There have been suggestions the two instead obtain separate checking accounts to help keep better track of making sure the revenues and expenditures are being recorded correctly.
The audit was not provided to anyone but Board members and the administration; however, the public can obtain copies at the District's Board office.
The Board also heard that the District continues to hold the line on expenses and at this point in the fiscal year, numbers are at or below budget. The District did have to recently make a contribution to the self-insurance fund, which is running low. There is currently a balance of about $293,000. It's typical at this time of year, however, that claims jump.
In other business, the Board learned that the Quincy Area Vocational Technical Center is on its way to becoming a Project Lead the Way-certified school. Click here for more on what that means