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Auditor gives school good grade
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Wednesday, 19 December 2007
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An independent auditor has given ISD 831 a good grade for its financial accounting in the 2006-2007 school year. The audit was presented by Malloy, Montague, Karnowski & Radosevich, P.A. on Thursday, Dec. 6 and accepted by the school board. The firm delivered a “clean” report, indicating it found no problems with the district’s accounting practices. Regarding fund balances, the audit said the district’s 5.9 percent balance at the end of the past school year represents roughly three weeks of operational expenses. While some districts may want a fund balance that is closer to 10 percent, the amount of money remaining in balance is a local decision. The district ended the past fiscal year on June 30, 2007 with a total fund balance of $6.3 million. That includes $2.64 million in reserved fund balances and $3.67 million in unreserved-undesignated fund balance. The fund balance crew from 4.7 percent on June 30, 2006 to 5.9 percent this year
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