The 2013 audit of Barnwell District 45 yielded no issues, according to the auditor.
Auditor David Enzastiga of the Rish & Enzastiga firm spoke during the board's Nov. 21 meeting.
He said the district had $2,684,701 in their general fund balance as of June 30, 2013 - the end of the audited fiscal year. This leaves the district with approximately 1.8 months of operating expenses, though Enzastiga said they ideally want at least two months.
This amount is $600,011 less than the $3,284,712 District 45 had at the start of the 2013 fiscal year. The decrease is due to the board's decision to use a portion of their fund balance to supplement the budget and avoid an increase in property taxes. Other cost-saving measures included the elimination of certain programs, such as the high school's driver's education course.
According to the audit, which found no reportable issues, the district ended the fiscal year with more assets than liabilities. They closed the year with $10,771,420 in net assets, an increase of $24,837 or .23 percent from the year before, according to the audit.
This includes a balance of $2,756,791 in unrestricted net assets of governmental and business-type activities. "In other words, if (District 45) were able to pay off all bills as of June 30, 2013, including all noncapital liabilities, we would have $2,756,791 remaining," states the audit.
When comparing the budget approved by the board for the past fiscal year with actual expenses, the district brought in more revenue while spending less. They originally budgeted for $15,661,548 in general fund revenue, but actually brought in $142,570 more - $15,804,118 total. The district spent $17,449,871 from their general fund, which is $215,078 less than the budgeted $17,664,949.
The school board's December meeting will be held Thursday, Dec. 12, at 7 p.m. in the board room of the district office.
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