Yough School District's 2012 audit report glows
The latest audit report for the Yough School District is glowing with positive remarks.
Presented to the school board Feb. 6, the report for the fiscal year ending June 30, 2012, indicated that the district is in a good financial condition.
Joel Kunkle, managing partner for Herbein and Company Inc., summarized some key figures and compared them to the previous fiscal year.
Cash in the general fund at the end of fiscal 2012 was $7,531,000 compared to $6,908,000 at the end of 2011. The construction fund was at $156,000 after ending 2011 at $516,000. Accounts receivable from government sources fell from $1,610,000 in 2011 to $732,000 in 2012, which was because of the expiration of the American Recovery Act funding, Kunkle said.
“For your district, you're very good fiscal condition as of June 30, 2012, (compared) with other districts in your area,” he said.
The district consistently had a working capital of about $6,000,000 and the fund balance at the end of 2012 was $5,971,000—about 21 percent of revenue, which is a healthy fund balance, he said.
“Another thing that was good to see, you had a budgeted loss of about $1 million for this past fiscal year and the actual loss was $183,000.”
Kunkle explained that the reason was revenue being greater than budgeted revenue by $319,000 and expenses were less than budgeted by $540,000.
“So you did a good job of managing that throughout the course of the year,” he said.
In his conclusion he stated, “The financial statement says you as a board have done a real good job of managing this district in a fiscally responsible manner.
“Going through the audit, that told me that Mike (Wrobleski) and the business department are doing a good job of managing, operating the day to day operations, and providing you with what I believe to be accurate financial information.”
“That's not always the case, so that's something everybody should be happy about,” he said.
William S. Zirkle is an editor for Trib Total Media. He can be reached at email@example.com or 724-872-6800.