Quincy School District receives audit findings

7 months ago by Bob Gough

The Quincy School Board will get its first look at the 2011-2012 audit at Wednesday night’s meeting.

Auditor Valarie Flynn presented her findings and gave a brief summary at this morning’s School Board Finance Committee meeting. The audits were not provided to the public as Finance Committee Chairman Stephanie Erwin said she wanted the School Board members to be able to see them first. They will be made available at the School Board meeting.

Flynn said the District’s financial profile has improved with a rating of 3.35, which is up from 2.55 last year. She said improved fund balances and days with cash on hand have helped boost that rating. The District has cash on hand because of the $6.2 million Working Cash Bond issue that passed last spring.

Flynn said one issue Quincy and all school districts are dealing with is lower state and federal revenues. State revenues were down $1.5 million from the previous year and the federal funds were down $3 million as federal stimulus dollars dried up.

The District did have to add money to the self-insurance fund last month. The District had more than $1 million in expenses with $894,936 in revenues. The District added $225,000 to the self-insurance fund to provide a positive fund balance.