District 55 adds over $1 million to general fund in 2016-17

Feb 05 Written by  STAFF REPORTS

The Laurens County School District 55 (LCSD 55) Board of Trustees received audit results for the 2016/2017 fiscal year at its January meeting. LCSD 55 Chief Financial Officer, Rodney Smith, presented the results at the Waterloo Elementary meeting site on Monday, January 22.

The audit was prepared by McKinley, Cooper & Co., LLC (auditor), who expressed “an unmodified opinion [no significant findings and the highest rating an organization may receive] on the fair presentation of the financial statements.”

In reviewing the district’s general fund balance, the auditor noted an increase of $1,183,306 over the previous fiscal year. On June 30, 2017, the unassigned balance in the general fund was $7,089,548, representing 16% of total general fund expenditures for the fiscal year.

In their review of internal controls, the auditor stated, “We did not identify any deficiencies in internal control that we consider to be material weaknesses.”

One highlight of the year for the district’s total funding was the purchase of the former United Community Bank central office site as the new district headquarters. The district made that purchase within the limits of the existing budget without increasing the public tax burden. The district was also able to move forward on multiple fronts while generating significant cost savings.

Smith cited, “the outstanding teamwork that has been generated under Dr. Peters’ leadership” as a catalyst for the savings.” Board Chair, Susan Calhoun-Ware, and Peters thanked Smith for his leadership in navigating the treacherous waters of school finance. Peters said, “We depend on [Smith] in planning, coordinating, and applying district resources in the most effective and efficient way possible. The district is fortunate to have him on our staff.”

Last modified on Monday, 05 February 2018 21:51