Board of education reviews annual audit By SANDRA STONE The Meade County Board of Education held a special called meeting prior to their regular monthly meeting for the purpose of reviewing the annual audit. “I’m excited about getting this audit report done,” said Susan Fackler, the school system’s accountant. Stiles, Carter & Associates conducted the audit, and Fackler reviewed the 55-page report with the school board members. The report was unqualified, said Fackler, meaning that the audit uncovered nothing out of compliance and standard accounting practices. The balance sheet showed a snapshot of the district’s finances on June 30, 2006, the close of the fiscal year. General fund revenue was $29.6 million with expenditures totaling 28.4 million. Approximately $5 million of the state revenue reflected does not flow through the district’s accounts. Rather, it takes the form of the state’s contribution to employee benefits, health insurance and retirement matching funds. The largest expenditure ($18.3 million – $21 million with grants included) is in instructional expenses which include salaries and instructional supplies. The food service fund is reported separately and showed $871,000 in lunchroom sales and $2.2 million in expenses. The difference is made up in state and federal aid through the free and reduced lunch program. Food service lost about $8,000, which is essentially a break even, said Fackler, which is the goal. “Katrina (Crutcher) does a good job with food service,” said Fackler. Each school’s checking account is also audited, including a detail of the high school activity fund accounts. Majority of the funds from these activity accounts, said Fackler, are student-raised funds. Federal awards totaled $3.1 million in grants and food service assistance. Each year the auditors test for compliance with federal awards. This year, food service was chosen, and no instances of noncompliance were found. Fackler also noted that with the 2007-2008 school year, salaries will increase per legislative mandate. Each certified teacher will be paid an additional $3,000 plus two additional instructional days annually. Classified personnel will receive a pay increase up to $2,500 annually. The additional $3,000 per certified teacher will equal approximately $1 million per year. Chairman John Inman thanked Fackler for her hard work and the good job she does for the district, and the special session was adjourned.
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