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District 24 receives clean audit
Feb 17, 2014 - By Kelli Ameling, Staff Writer
Fremont County School District 24 received a clean audit for the year ending June 30.
McKee, Marburger and Fagnant, P.C. of Lander evaluated the district's basic financial statements.
"Our audit was 'unqualified,' which is also known as a clean audit," said Kay Watson, chief financial officer and business manager for the Shoshoni school district. "An unqualified option has no reservations concerning the financial statements."
The audit report states the overall condition of the school's funds and activities remain "strong for the district."
"All goals related to financial activities have been met, and if revenues and expenditures patterns can be maintained, the resources for next year will be available," the report stated.
The district saw a 22 percent decrease in long-term debt in 2012, and salaries and benefits made up 72 percent of the general fund expenditures.
Combined net assets as of June 30, 2012, were $8.2 million.
When it came to revenues, the school district had 87 percent coming from property taxes and 11 percent coming from grants.
A majority of the expenses -- 56 percent -- came from instructional; instructional support totaled 13 percent; administration/general support accounted for 12 percent; operations/maintenance was 8 percent; and transportation accounted for 8 percent of the expenses.
Other expenses included food services at 3 percent and interest on long-term debt at .10 percent.
"At the end of the fiscal year 2012, the district had $5,345,360 invested in land, buildings, equipment and contents and vehicles," the report stated. "At the end of the year, the district had $302,914 in long term debt."
According to the independent audit, the district is continuing to monitor enrollment figures, which have remained "relatively steady" with a small growth in the last few years.
The special-education population and the costs associated have grown "significantly," and the district will monitor the funding model and legislation to make sure adequate funding is available.
"Legislators are monitoring mineral revenues closely and are looking at a possible decrease in the surplus accounts," the report stated about economic factors for the next year. "They may result in a decreased funding to the district."