During the first financial committee meeting of 2022, Chief Financial Officer Stacy Gober presented to the board and Superintendent Dr. Joseph Roy the 2020-21 audit, which concluded with a surplus of $7,762,879.24. The annual audit is provided by Gorman and Associates. A team of six to eight CPA’s arrive one week in June, two weeks in October, and several days in December to review and collect necessary data. Gober said the professionalism and availability of Gorman and Associates year round is exceptional.

The year was financially stable, given the pandemic uncertainties at the time of budget adoption. Actual expenditures were 2 percent under budget. The local economy held strong and taxes were paid. The only reconmendation was for non-public schools (in the district) to spend down their federal funds in a more timely manner.

Prior to finalizing the final audit, the board approved and committed to designating $16 million to the capital reserve fund for future capital improvements. Projects in the works are upgrading the HVAC, resurfacing the tennis courts, auditorium lighting, FHS roof and engineering fees for Federally funded projects.

All recommendations are in line with Policy 620. Policy 620 limits the amount assigned to the general fund not less than 5 percent and not more than 8 percent This helps provide stable cash flow through the summer months and for stable bond ratings. The advantage for the district is not needing to plan for times of low anticipatory revenues.

Roy said, “Clean audits appear routine in this district, but that is not to minimize the exceptional work of the financial staff and the responsible budgeting and planning by the board members.” Board President Michael Faccinetto said, ”Taxpayers can see that money is being spent wisely and well managed.”